By Liviu Oltean, Associate Editor
Queen Emma Land Co. is moving forward with its $300 million masterplan to demolish and redevelop the International Market Place, Waikiki Town and the Miramar at Waikiki Hotel.
The company will develop a three-level retail, dining and entertainment center on the site. According to the Pacific Business News and Queen Emma’s environmental impact statement (EIS) preparation notice, the redevelopment will reduce the commercial footprint of the property by 109,000 square feet, and it will remove the 357-room Miramar hotel from the Waikiki lodging portfolio.
The planned development will feature a total of 390,000 square feet of commercial space, including the addition of a new seven-story complex, which features retail and parking. The company’s EIS emphasizes the creation of various open spaces; the redesign of Kalakaua and Kuhio Avenues; and the addition of a new lane on Kuhio Avenue, which will facilitate parking and valet access to the complex.
The EIS preparation notice has been filed by TRG IMP LLC, a development partner of Queen Emma. If the developers manage to acquire the needed permits on schedule, the project will break ground in 2013.
In regional news, the Waikiki Galleria, a 15-story retail and office tower, has been sold to Sanno USA Inc. for an undisclosed sum. The Galleria had not been listed for sale, but after an inquiry made by Sanno, which had led to further discussions and negotiations, the Mills Group decided to initiate the sale of the property. “The project has been an outstanding investment for our group,” said Bill Mills, chairman of the Mills Group.
The transaction represents the company’s last property in Waikiki, but Mills added that they are continuing the search for strategic investments opportunities in the region.