Cushman & Wakefield, Inc. and RobertDouglas, serving as co-advisors to an affiliate of Tampa-based DeBartolo Development, announced the capitalization of the first phase of Ka Makana Ali‘i.
The $500 million regional mall development project is located in Kapolei, Hawai‘i on the island of Oah‘u, approximately 25 miles west of downtown Honolulu.
Joint venture equity was provided by OPSEU Pension Trust and the $167 million construction loan for Phase I of the project was provided by The Union Labor Life Insurance Company (ULLICO) on behalf of its separate accounts.
The 67-acre, two-phased, 1.4 million–square-foot mixed-use open air, Macy’s-anchored project, branded “Ka Makana Ali‘i”, is expected to serve as the community hub of West O‘ahu.
Once completed, Ka Makana Ali‘i will be the third-largest shopping center and the first new regional center built in all of Hawai’i in nearly 40 years.
Construction has begun on Phase I of the project, which will consist of a 750,000 s/f regional center anchored by the first Macy’s department store in West Oah‘u and featuring more than 150 shops and restaurants, an 8-screen cinema, and a 175-key Hampton Inn and Suites hotel.
“West Oah‘u is the fastest-growing sub-market on the island of Oah‘u and DeBartolo’s exciting Ka Makana Ali‘i mall will quickly become the retail heart of this vibrant area,ˮ said Douglas Hercher, principal and managing director of RobertDouglas. “We are delighted to have been able to help their team structure and complete this complex capital transaction and to have contributed to delivering on their vision for the project.”
Alex Hernandez, managing director of Cushman & Wakefield added, “It is rare for investors and developers to be able to participate in developments with the region-defining potential of the Ka Makana Ali‘i site.
“OPSEU Pension Trust and ULLICO recognized the incredible potential of this project and seized the opportunity to partner with DeBartolo.”