The International Marketplace will be undergoing a remodel in the coming year, and the hundreds of existing tenants have been asked to vacate by the New Year. Lease terminations were send by landowner Queen Emma Land Co., stating that the tenants must leave no later than December 31st, 2013 by 8:00pm. By far the biggest concern of the tenants is that Christmas time is one of the busiest times of the year. “You’re going to have hundreds of tenants trying to close down during the holidays,” said a broker who represents clients at the market place. “Waikiki is going to be a dumpster on New Year’s Eve.”
Cedric Yamanaka, a spokesman for the Queen Emma Land Co., said many of the International Marketplace tenants had leases that were going to expire by the New Year, and many others were month-to-month. When asked whether the New Year’s Eve 8 p.m. deadline could be moved a few days later when events in Waikiki simmer down a little, Yamanaka said that tenants who may need extra time to vacate are invited to call the International Market Place’s management office and ask for a grace period, which will be considered on a case-by-case basis.
The new market place, which will include 360,000 square feet of retail, dining and entertainment space on six acres, is expected to be completed in the spring of 2016.
Posted by: Bruce Fisher