Revitalization project will create thousands of new jobs and revenues to support The Queen's Medical Center's work
BLOOMFIELD HILLS, Mich., Aug. 9, 2013 /PRNewswire/ -- Queen Emma Land Company, Taubman Centers, Inc. (NYSE: TCO) and CoastWood Capital Group, LLC, announced today that they are officially moving forward with their plans to revitalize the International Market Place in Waikiki, Honolulu, Hawaii. As one of the most valuable land assets of Queen Emma Land Company, International Market Place's redevelopment will support the mission of The Queen's Medical Center to improve the well-being of Native Hawaiians and all the people of Hawaii.
"Revitalizing the International Market Place will ensure that this destination can continue to be a gathering place for island residents and visitors from around the world," said Gov. Neil Abercrombie. "The benefits of this project are deep-rooted and far-reaching, creating jobs for local people and bolstering our tourism industry, while providing The Queen's Medical Center with the revenue to provide life-saving services to residents and visitors across Hawaii."
"After years of planning, we are very excited to finally move forward with the revitalization of the International Market Place," said Eric Martinson, president of Queen Emma Land Company. "This comes at a critical time for us, as healthcare reform is affecting hospital budgets nationwide. When it opens, the new International Market Place will provide a renewed and sustainable income source for The Queen's Medical Center allowing us to continue caring for Hawaii's people for years to come."
The new project, currently scheduled to open in spring 2016, will feature 360,000-square-feet of retail, dining and entertainment.
Located on six acres in the heart of Waikiki, the center will include approximately 60 stores, many of which are anticipated to be unique to Waikiki, a three-level Saks Fifth Avenue and seven restaurants on a third-level grand lanai. A parking garage with approximately 750 parking spaces will provide convenient access for visitors and locals alike.
"We are deeply committed to Hawaii and believe the renewed International Market Place will be exceedingly positive for both The Queen's Health Systems and the local community. In its new form, the center will continue to serve as a must-see attraction for the people of Hawaii and its visitors," said Stephen J. Kieras, senior vice president of development for Taubman. "We have worked closely with our team of Hawaiian cultural advisors, local consultants and Queen Emma Land Company to develop a retail project, that although contemporary in design, incorporates a deep respect for the culture and rich heritage of this dynamic community."
The redeveloped International Market Place will provide guests with a true Hawaiian sense of place by incorporating natural water features, natural stone, indigenous landscaping, educational discoveries and an area honoring Queen Emma's legacy. A grand lanai on the third level will provide a varied selection of outdoor dining venues under the stars.
"Having spent many years working with Taubman and the last 10 years investing in Hawaii, I am excited to partner with Taubman on what we envision will be a very unique and dynamic retail project," said Cordell Lietz, president of CoastWood Capital Group.
The well-known iconic banyan tree on the property will be preserved and incorporated into the design. Taubman has engaged a registered arborist, who has been monitoring and attending to the trees in the International Market Place for more than 40 years, to preserve and enhance the health of the tree. A plan is in place to protect the tree during the construction phase, and ensure its well-being on a long-term basis.
The project will create approximately 1,000 construction jobs and 2,500 permanent jobs. When open, the center will help boost tourism and generate additional sales and property taxes for both the City and State.
"With its unique character and central location in the heart of Waikiki, the International Market Place has the potential to reemerge as an iconic destination for visitors from across the globe for generations to come," said Mayor Kirk Caldwell. "Queen Emma Land Company selected Taubman Centers, known for more than 60 years as a leader in creating extraordinary retail environments, to help carry forth Queen Emma's legacy, and create a vision for revitalization that will further Queen's mission as well as provide a significant boost to Honolulu's tourism industry and create quality local jobs in the process."
"The International Market Place redevelopment will help tremendously to address the changing needs of Hawaii's visitors, while continuing to enhance Waikiki's position as a premier shopping, dining and entertainment destination," said Rick Egged, president of the Waikiki Improvement Association. "By breathing new life into the very center of Waikiki, the project will help Hawaii maintain its highly desirable position in the global tourism industry as well as invite locals to revisit this special place."
ABOUT QUEEN EMMA LAND COMPANY
Queen Emma Land Company (QEL) is a local nonprofit organization established to support and advance health care in Hawaii, primarily through The Queen's Medical Center and its affiliates. QEL accomplishes this by managing and enhancing the income-generating potential of the lands left to The Queen's Hospital by Queen Emma in 1885, and additional properties owned by The Queen's Health Systems.
ABOUT THE QUEEN'S MEDICAL CENTER
The Queen's Medical Center is a 501 (c) (3) non-profit corporation, acute care medical facility accredited by The Joint Commission. The facility houses 505 acute beds and 28 sub-acute beds and is widely known for its programs in cancer, cardiovascular disease, neuroscience, orthopedics, surgery, emergency medicine and trauma, organ transplants and behavioral medicine. Queen's is home to a number of residency programs offered in conjunction with the John A. Burns School of Medicine at the University of Hawaii. Queen's has achieved Magnet® status – the highest institutional honor for hospital excellence – from the American Nurses Credentialing Center. Magnet recognition is held by six percent of hospitals in the United States. Queen's is the first hospital in Hawaii to achieve Magnet status.
Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 28 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman's U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry. Taubman is currently developing The Mall at University Town Center in Sarasota, Fla.; The Mall of San Juan in San Juan, Puerto Rico; and shopping malls in Xi'an and Zhengzhou, China and Hanam, South Korea. Taubman Centers is headquartered in Bloomfield Hills, Mich. and Taubman Asia, the platform for Taubman Centers' expansion into China and South Korea, is headquartered in Hong Kong. Founded in 1950, Taubman has more than 60 years of experience in the shopping center industry. For more information about Taubman, visit www.taubman.com.
ABOUT COASTWOOD CAPITAL GROUP, LLC
CoastWood Capital Group, LLC is a specialized real estate investment firm based in San Francisco. Founded by Cordell Lietz in 2003, the company acquires, manages and develops real estate in the United States with an emphasis on retail and other property types with unique operational characteristics. CoastWood has been actively investing in Hawaii since its inception and holds interests in several retail properties throughout Hawaii.
ABOUT SAKS FIFTH AVENUE
Today, Saks Incorporated operates 42 Saks Fifth Avenue stores in 22 states, five internationally licensed Saks Fifth Avenue stores, 66 Saks Fifth Avenue OFF 5TH outlet stores, and the company's online store, saks.com. Saks Fifth Avenue, one of the world's preeminent specialty retailers, is renowned for its superlative American and international designer apparel collections; its expertly edited assortment of handbags, shoes, jewelry, cosmetics, and gifts; and the first-rate fashion expertise and exemplary client service of its Associates. Saks Fifth Avenue is proud to be named a J.D. Power and Associates 2012 Customer Service Champion and is only one of 50 U.S. companies so named.
The company currently operates a Saks Fifth Avenue OFF 5TH outlet store in Waipahu, Hawaii.
For ease of use, references in this press release to "Taubman Centers," "company," "Taubman" or an operating platform mean Taubman Centers, Inc. and/or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity rather than Taubman Centers, Inc. itself or the named operating platform.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management's current views with respect to future events and financial performance. The forward-looking statements included in this release are made as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future. Actual results may differ materially from those expected because of various risks and uncertainties. You should review the company's filings with the Securities and Exchange Commission, including "Risk Factors" in its most recent Annual Report on Form 10-K and subsequent quarterly reports, for a discussion of such risks and uncertainties.
SOURCE Taubman Centers, Inc.
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