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International Market Place moves closer to redevelopment

By Star-Advertiser staff

LAST UPDATED: 11:54 a.m. HST, Nov 4, 2011

Queen Emma Land Co. filed today an environmental impact statement preparation notice — the next step in a long-awaited redevelopment of the International Market Place in Waikiki.

Revitalization plans of the aged retail bazaar include a 355,000-square-foot, open-air retail center on three levels. The project will be designed to incorporate historical, cultural and educational elements.

Queen Emma announced last year it had partnered with shopping center developer Taubman Centers and real estate finance firm CoastWood Capital Group LLC to explore the feasibility of redeveloping the site and the adjacent Waikiki Town Center fronting Kuhio Avenue. The area totals about 4.5 acres.

“Though we are still in the preliminary phases of determining the feasibility of redeveloping this iconic destination, we are excited to continue to move forward with this project,” said Stephen Kieras, senior vice president of development for Taubman, which last year said it would conduct a comprehensive evaluation of the feasibility of redeveloping the site before moving forward.

Nearly two years earlier, Queen Emma announced it would seek bids from developers to lease and redevelop most of its land in the area. Available property included the marketplace, the Waikiki Town Center, Perry's Smorgy restaurant, Food Pantry and the Miramar Hotel.

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