Hawaiian Home Lands, developer sign land lease - Hawaii News Now - KGMB and KHNL

Hawaiian Home Lands, developer sign land lease

Model of new mall in Kapolei Model of new mall in Kapolei

HONOLULU (AP) - The state Department of Hawaiian Home Lands has reached an agreement with a developer for a 65-year lease on land that could be turned into a $500 million regional shopping center in Kapolei.

The Honolulu Star-Advertiser reports the department signed the lease Monday with an affiliate of Florida-based DeBartolo Development.

DeBartolo President and Chief Operation Officer Edward Kobel in an announcement says the long-term lease will create a dependable revenue stream for native Hawaiian beneficiaries for decades.

A condition of the lease is that the developer must obtain financing for the project. The Department of Hawaiian Home Lands agreed to give the developer until May 31 to secure a loan from a national lender.

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