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.