Across Hawaii, REIT-owned properties are making an impact in the lives of residents. From community events, to expanding the tax base, to the estimated $30 million in REIT distributions to more than 9,300 investors in Hawaii, REITs impact lives in ways big and small.
So take a short tour and learn about just some of the REIT-owned properties that call Hawaii home.
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Ala Moana Center
The Ala Moana Center is one of the most successful shopping centers in the world. A new $573 million investment added 650,000 additional square feet of retail space, and the expansion allowed Foodland – the Island’s largest local grocer – to expand and move into new space. Known for their 4th of July fireworks display, the Ala Moana Center is the world’s largest open air mall and gets over 48 million shoppers per year.
The REIT-owned Hale Pawaa office building is Honolulu’s newest Class A medical building.
Hale Pawaʻa is home to a growing roster of medical professionals and support services, including a pharmacy, clinical laboratory and diagnostic imaging facility.
Hyatt Place Waikiki Beach
One of the top hotels on the islands, the Hyatt Place helps put locals to work, helping HanaTour Hawaii sell tours, working with local contractors like The New Leaf landscapers and United Laundry service.
International Market Place (IMP)
Taubman Centers, Inc.’s International Market Place (IMP) development is estimated to generate over $10 million annually in general excise tax, over $4 million annually in property taxes, and employment of over 1,000 construction jobs and 2,500 permanent jobs. IMP will also provide a renewed and sustainable income source of revenue for The Queen’s Medical Center. “We are deeply committed to Hawaii and believe the renewed IMP will be exceedingly positive for both [its owner] The Queen’s Health Systems and the local community,” said Stephen J. Kieras, senior vice president of development for Taubman.
The Kapolei Lofts is a master-planned complex of 499 rental homes on 17 acres at the corner of Kapolei Parkway and Wakea Street. With amenities including a swimming pool, barbecue area, fitness facility, cyber café and large private rooms, the $140 million dollar project also sets aside 300 of the 499 rental home for affordable housing.
The Pearlridge Center is Hawaii’s largest enclosed shopping center in Hawaii. Every year they hold the Canstruction Food drive to help the Hawaii Foodbank. Over the past 11 years, the Canstruction competition at Pearlridge Center has raised 351,130 pounds of needed canned food for the Hawaii Foodbank – enough for more than 275,000 meals.
Public Storage owns self-storage facilities across the country, including 11 in Hawaii.
Wet ‘n’ Wild
Wet’n’Wild Hawaii is Oahu’s top 10 most visited family attraction. Nestled on 29-acres in lush tropical landscaping and natural cliffs, it provides fun for tourists and Hawaii residents alike.
Hale Mahana Student Housing
In a joint venture with Laconia Development, EdR recently began construction on a property adjacent to the University of Hawai’i. The community will feature 599 beds in a mix of one-, two-, three- and four-bedroom floor plans; 13,000 square feet of ground floor retail and structured parking. Rooftop amenities will include a fitness center, outdoor terrace lounge, community kitchen, study lounges and gaming areas – all with views of Waikiki, Diamond Head and Manoa Valley. The target delivery date for the community is Summer 2018 or 2019.