Taubman Centers and Queen Emma Land Company Sign Development Agreement for International Market Place in Waikiki
BLOOMFIELD HILLS, Mich., May 21 /PRNewswire-FirstCall/ -- Taubman Centers, Inc. (NYSE: TCO) and CoastWood Capital Group, LLC today announced a signed agreement with Queen Emma Land Company (QEL) to explore development of a new, open-air shopping center at the current International Market Place in Waikiki, Hawaii.
According to the agreement, Taubman will evaluate the market feasibility of developing the current International Market Place, as well as conduct more in-depth due diligence into physical and regulatory requirements as next steps before moving forward.
"We are honored to have been selected by Queen Emma Land Company to explore redevelopment of the International Market Place, a retail shopping destination with a long history in Hawaii," said Stephen J. Kieras, senior vice president of development for Taubman. "This popular area will be revitalized with destination retail and dining for tourists and residents alike, and will complement the surrounding area to reflect the local Hawaiian sense of place."
"Having spent many years handling investments for Taubman, I am excited to partner with them on what we envision will be a very unique and dynamic retail project," said Cordell Lietz, president of CoastWood Capital Group.
The International Market Place sits on land owned by Queen Emma Land Company in the heart of Waikiki on Kalakaua Avenue, the busiest pedestrian thoroughfare in the city.
The Queen Emma Land Company is a subsidiary of The Queen's Health Systems (QHS), and directly supports QHS's commitment to be the leading health-care system of the Pacific and to improve the well-being of Hawaii's people.
"Thanks to the Queen Emma Land Company's land holdings, Queen's Health Systems can offer state-of-the-art diagnosis and treatment, and provide medical care to Hawaii residents who would otherwise have to travel thousands of miles," said Les Goya, vice president, Queen Emma Land Company. "The Queen Emma Land Company strives to deliver the highest quality health care in Hawaii."
Taubman Centers is a real estate investment trust engaged in the development, leasing and management of regional and super regional shopping centers. Taubman's 26 U.S. owned, leased and/or managed properties are the most productive in the industry and serve major markets from coast to coast. Taubman Centers is headquartered in Bloomfield Hills, Michigan and its Taubman Asia subsidiary is headquartered in Hong Kong. Founded in 1950, Taubman celebrates its 60th anniversary in 2010. For more information about Taubman, visit www.taubman.com.
CoastWood Capital Group, LLC is a specialized real estate investment firm based in San Francisco with interests in several retail projects in Hawaii. Founded in 2003, the company acquires, manages and develops real estate with an emphasis on retail and other property types with unique operational characteristics.
Queen Emma Land Company is a 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.
For ease of use, references in this press release to "Taubman Centers", "company" or "Taubman" mean Taubman Centers, Inc. 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.
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. Actual results may differ materially from those expected because of various risks and uncertainties, including, but not limited to the continuing impacts of the U.S. recession and global credit environment, other changes in general economic and real estate conditions, changes in the interest rate environment and the availability of financing, and adverse changes in the retail industry. Other risks and uncertainties are discussed in the company's filings with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K.
SOURCE Taubman Centers, Inc.