Taubman Mulls Development in Hawaii

By shaye • June 19th, 2010

Taubman Centers Inc. (TCO), a real estate investment trust (REIT), in association with CoastWood Capital Group, LLC, a specialized real estate investment firm, has recently signed a deal with Queen Emma Land Company to explore development opportunities at the International Market Place in Waikiki, Hawaii.

The Queen Emma Land Company is a subsidiary of The Queen’s Health Systems, and is established to support the health care activities in Hawaii, primarily through The Queen’s Medical Center and its affiliates. The company generates revenues from the big tracts of land left to The Queen’s Hospital by Queen Emma in 1885, and additional properties owned by The Queen’s Health Systems.

According to the terms of the agreement, Taubman would undergo an in-depth study to evaluate the market feasibility for construction in the International Market Place, as well as consider the physical and regulatory requirements necessary for such developments. The International Market Place is situated on land owned by Queen Emma Land Company, and is strategically located along one of the busiest pedestrian thoroughfares in the city.

Taubman is currently planning to build an open-air shopping center at the International Market Place.

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The strategic move is part of the long-term plan of Taubman to focus on dominant retail malls situated in the most affluent regions of the country, thereby enabling retailers to target high-end upscale customers and maximize their profitability.

Taubman owns, develops, acquires and operates regional and super-regional shopping centers throughout the U.S. and Asia. Retail shopping centers spanning over 400,000 square feet of gross leaseable area (GLA) are generally referred to as regional shopping centers, while those with GLA in excess of 800,000 square feet are called super-regional shopping centers. A large number of these shopping centers are strategically located in major metropolitan areas, including Los Angeles, San Francisco, Denver, Detroit, Phoenix, Miami, Dallas, Tampa, Orlando and Washington DC.

Taubman Mulls Development in Hawaii

 

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