International Market Place will be redeveloped

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The Queen Emma Land Co. for the second time in five years has plans to redevelop the 50-year-old International Market Place in Waikiki.

The landowner is looking to redevelop the 6.48 acres along Kalakaua and Kuhio avenues into a contemporary, mixed-use resort destination that includes shopping, dining and entertainment, according to a news release.

The organization, the real estate arm of the Queen Emma Foundation, owns about 12,000 acres statewide.

The latest plans call for the redevelopment of the 2.9-acre International Market Place, the 75,000-square-foot Waikiki Town Center retail building on Kuhio Avenue, as well as a restaurant and market.

Retail ground leases at the properties expire in 2010.

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