Wednesday, July 7, 2010

Craig Realty Group partnering with developer to expand Kapolei Commons

The developer of Kapolei Commons is partnering with outlet center developer Craig Realty Group to add a second phase with outlet shops and an entertainment and restaurant complex.

The expansion will add about 260,000 additional square feet to the 300,000 square feet of big-box stores anchored by Target that opened in 2009, developer MC Kapolei Commons said in a statement. MC Kapolei Commons is owned by The MacNaughton group and Kobayashi Group.

The outlet portion of the expansion is currently leasing to national and local tenants and is expected to start construction in early 2011, with stores opening about a year later, the company said. The entertainment portion will be anchored by Regal Cinemas and will feature restaurants such as Ruby Tuesday and Kua Aina Sandwich Shop, according to a conceptual plan of the project.

The first phase of Kapolei Commons includes Target, Sports Authority, Petco, Office Max, Ross Dress for Less and Price Busters/Let’s Party as well as smaller tenants such as Salon Bobbi & Guy, Genki Sushi, Aloha Salads, Menchi’s Frozen Yogurt, Subway, Royal Nails, World Trade Jewelry and Verizon Wireless. Some 40,000 square feet of freestanding buildings due to be completed this year have been leased to Bank of Hawaii, The Vitamin Shoppe and Denny’s.

Newport Beach, Calif.-based Craig Realty Group specializes in developing upscale outlet shopping malls. Duncan MacNaughton, chairman of The MacNaughton Group, developed Hawaii’s first outlet mall in Waikele, with former partner Dick Gushman.

“Outlets are becoming a much more mainstream shopping experience, and are starting to blend the look and feel of more traditional malls with the basic outlet concept of value pricing,” MacNaughton said in a prepared statement.

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