National retailer on target for ’15 completion
National retailer Target will be opening up shop in the soon-to-be built Puunene Shopping Center.
Property Development Centers, a wholly owned real estate subsidiary of Safeway Inc., announced that it had reached an agreement with Alexander & Baldwin to purchase a 24.45-acre site at the corner of Puunene Avenue and Hookele Street, near Zippy’s Restaurant.
PDC said that it will in turn sell about 12 acres to Target, which will serve as the center’s anchor retailer.
Terms were not released. The county has assessed the property at $6.3 million. The site will take up the whole block from Puunene Avenue to Pakaula Street on the opposite side of Hookele Street from Zippy’s.
The shopping center with the new Target is expected to be completed by March 2015, according to Russell Pang, spokesman for PDC. He did not know the construction timetable for the new shopping complex.
A site plan of the shopping complex shows the Target building occupying 141,200 square feet.
Target has stores in Hilo and Kailua-Kona on the Big Island and Honolulu and Kapolei on Oahu, according to its website.
The site is part of A&B’s Maui Business Park II, a 179-acre industrial-zoned project, according to the A&B website. A piece of the business park is next to Costco on the airport side of Hana Highway. The rest of the business park runs from Hana Highway to Puunene Avenue.
Lots of a half-acre to 20 acres are on the market, the website said.
For the shopping center, PDC is looking at leases with a mix of national and local companies, including midbox retailers, specialty shops, restaurants, service providers and other businesses, the news release said.
Pang said that Safeway will not be opening up a supermarket in the shopping center.
The new complex is just off the main artery from the airport to South and West Maui resorts but also within close proximity to Kahului residential areas. Pang said that the new shopping center will likely serve both tourists and residents.
When completed, the complex will add about 275,000 square feet of retail space to the Kahului area. There also will be about 1,425 parking stalls, PDC said.
The project is expected to generate an estimated 250 construction jobs and to bring in as many as 300 jobs to the shopping center when completed, the developer said.
“This new retail center in the heart of Kahului’s retail district is part of our ongoing commitment to provide new lifestyle shopping options for the Hawaii community,” said David Zylstra, chief operating officer of PDC.
“We have been receiving positive interest from potential tenants who see the benefits of the center’s convenient location in Central Maui,” said Wendell F. Brooks III, senior vice president for CBRE, which is handling the leasing and property acquisition on behalf of PDC.
PDC is based in Pleasanton, Calif., and is a national shopping center development company specializing in grocery-anchored and open-air retail shopping centers.
PDC has projects nationwide and concentrates in core urban and suburban markets wherever Safeway has a strong presence, the PDC news release said.
* Lee Imada can be reached at email@example.com.