A California-based real estate investment and development firm plans to expand an outlet mall on Maui recently converted from a waterfront resort retail center that had fallen on hard times under a prior owner.
The Outlets of Maui is slated to add 50,000 square feet to its 147,000 square feet of retail space by the end of next year, according to Santa Monica, Calif.-based Watt Cos.
Watt announced the expansion plan Monday after completing a $28 million project turning the former Lahaina Center into Hawaii’s second outlet mall.
Watt said strong interest from retailers led to the decision to expand the mall, which is 91 percent leased and is expected to add more tenants in the next two months.
"The redevelopment of The Outlets of Maui has created a great and productive use for the center while bringing new jobs and terrific new retailers to the region’s residents and visitors," Nadine Watt, president of Watt Cos., said in a statement.
Outlets of Maui celebrated a grand opening in December with new tenants including Adidas, Banana Republic, Brooks Bros., Calvin Klein, Carter’s, Coach, Gap, Guess, Izod, Lucky Brand, The Luggage Factory, Michael Kors, Sketchers and Tommy Hilfiger.
Prior tenants that stayed at the mall through the conversion include Hard Rock Cafe, Hilo Hattie and Ruth’s Chris Steak House.
Lahaina Center was developed in 1989 as a resort retail center on Front Street in a series of wood-frame buildings on land leased from the Harry & Jeanette Weinberg Foundation. An affiliate of Hilo Hattie owned and managed the center but encountered difficulties amid the recession and a 2008 bankruptcy restructuring.
Principals of local development firm Honu Group acquired the ground lease in 2011 and pursued the outlet mall conversion plan with an investment partner that was later bought out by Watt.
