Construction work to replace International Market Place in Waikiki with a modern open-air shopping center using the same name is set to begin Tuesday.

The $350 million project, which also will cover land occupied by Waikiki Town Center and the Miramar Hotel, is expected to be completed in Spring 2016.

Marketplace owner Queen Emma Land Co. partnered with Michigan-based retail developer Taubman Centers Inc. to redevelop the property and create a new three-story mall housing about 75 tenants and a 700-stall parking garage.

The 360,000-square-foot mall will be anchored by an 80,000-square-foot Saks Fifth Avenue store. The project also will preserve several large canopy trees, including an exceptional banyan, on the property.