The Lau Hala Shops: An Exciting New Gathering Place in the Heart of Kailua
Transforming Former Kailua Macy's Building
Targeting Community-Focused Retailers and Restaurants
HONOLULU (June 29, 2016) – Alexander & Baldwin, Inc. ("A&B") has officially broken ground on the Lau Hala Shops, a new gathering place with an appealing mix of restaurants, retailers and services focused on lifestyle and wellness.
"We're excited to start transforming the former Kailua Macy's building into the Lau Hala Shops and bring new dining and retail options to Kailua," said Lance Parker, A&B Properties' president. "The Shops location in the heart of Kailua town makes it an appropriate and important starting place for our broader long-term revitalization vision of Kailua's commercial center, which includes replacing dated buildings, creating open spaces, increasing the walkability of Kailua Town, and providing new community-focused dining, retail and service options on the Windward side."
"The Lau Hala Shops project as well as future phases of the revitalization will be grounded in guiding themes developed with input from the Kailua community. These include celebrating the diverse heritage and history of Kailua and creating inviting gathering spaces and a thriving retail core that enhances the vitality of the community, " said Jon Moyer, A&B Properties' director of asset management-Kailua.
The Lau Hala Shops is the first phase of A&B's long-term vision for its Kailua Town holdings, which seeks to redevelop thoughtfully and responsibly the A&B-owned properties within the commercial core of Kailua. The Shops will total 48,400 square feet and include 10 leasable spaces ranging in size from 800 to 20,000 square feet, including two indoor/patio restaurants and small and mid-sized retailers. Interest from prospective tenants has been strong and letters of intent have been signed for over 80% of the available area. Construction is scheduled to be complete in late 2017 and the first tenants are expected to open in early 2018. More information about the Lau Hala Shops, along with artist renderings of the project, can be found at A&B's Kailua Town website: www.ABKailua.com.
ABOUT ALEXANDER & BALDWIN
Alexander & Baldwin, Inc. is a Hawaii-based public company, with interests in real estate development, commercial real estate, agriculture, materials and infrastructure construction. With ownership of nearly 88,000 acres in Hawaii, A&B is the state's fourth largest private landowner, and one of the state's most active real estate investors. A&B manages a portfolio comprising five million square feet of leasable space in Hawaii and on the U.S. Mainland and is the largest owner of grocery-anchored retail assets in the state. A&B is also Hawaii's largest materials company and paving contractor. Additional information about A&B may be found at www.alexanderbaldwin.com.
Statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. These forward-looking statements are not guarantees of future performance. This release should be read in conjunction with pages 17-29 of Alexander & Baldwin, Inc.'s 2015 Form 10-K and other filings with the SEC through the date of this release, which identify important factors that could affect the forward-looking statements in this release. We do not undertake any obligation to update our forward-looking statements.