By Liviu Oltean, Associate Editor
Queen Emma Land Co. recently filed an environmental impact statement (EIS) for the International Market Place in Waikiki. The market is located on land owned by Queen Emma Land Co., the real estate branch of The Queen’s Health System. Queen Emma is planning to redevelop the 2.9-acre market, hoping to incorporate into the new design the historical and cultural features of the International Market Place, according to Pacific Business News. The redevelopment plan entails an open-air, three level retail center across 355,000 square feet.
The company also enlisted the help of Taubman Centers Inc. and CoastWood Capital Group LLC, which will do research on the market and verify the feasibility of the proposed project. In 2003, Queen Emma planned a $120 million redevelopment, but the project was stopped before the construction phase.
Stephen J. Kieras, senior vice president of development for Bloomfield Hills, and Michigan-based Taubman, said that in spite of the ongoing research on the feasibility of the project, the environmental impact statement is a step forward towards development.
In other real estate news, the Big Island’s Fairmont Orchid Hotel has been sold to a group of investors for an undisclosed amount. According to the Pacific Business News, Oaktree Capital Management LP has purchased the 538-room luxury hotel in a partnership with developer Woodridge Capital Partners LLC. A $78 million loan from Archon Group LP and Goldman Sachs Group Inc. financed the acquisition.
Founded in 1995 by Howard Marks and associates, Oaktree Capital Management LP represents a $76 billion company that focuses on high-yield bonds, distressed debt and private equity throughout the world.