Macy's Kailua branch will shut down its 59,000-square-foot location at 573 Kailua Road in 2016 when its ground lease expires. There has been much speculation as to what will be built on the site. There are both proponents and defendants of the project, the former arguing that it will improve the image of an older area, the latter thinking it will with mar Kailua's natural beauty.
A&B Properties Inc. a subsidiary of landowner, Alexander & Baldwin Inc. (NYSE: ALEX) will likely take over and sell the property. A&B acquired the leasehold interest in the property in 2013 as part
of a bigger $375 million purchase of the commercial town core of Kailua
and other Hawaii properties from Kaneohe Ranch and the Harold K.L. Castle Foundation.
The potential use and price remain speculative, but experts are assuming a mix of retail and residential space. Macy's 2,000 square-foot parking lot is up for a $6.2 million. The lot is owned by a Kailua resident, the lot is surrounded by land owned by A&B.
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