Work on the infrastructure for the project is expected to start later this year. Amfac is awaiting final city subdivision plans for the project.
The business and industrial park will be in two phases, of 21.45 and 13.27 acres of vacant land located off the Mokuola Street extension and next to the mill site.
Timothy Johns, Amfac vice president and general manager of Oahu development, said the sugar company's landmark smokestack will remain "as a symbol pointing to Waipahu's prosperous future."
"Amfac's pride in Oahu Sugar's rich and colorful plantation heritage is memorialized in Mill Town Center's name and logo design," said Johns.
The Oahu Sugar Mill shut down in 1995.
Mill Town Center's fee-simple commercial and industrial parcels are being prepared for sale. Exact lot sizes will be announced after the details of the subdivision plan are finalized.
Commercial use is proposed for the former sugar mill site of 13.74 acres. Other parts of the Amfac property masterplan include a proposals for a YMCA, Filipino Community Center, a heritage area and expansion of Hans L'Orange Park.
Johns said Amfac has community support, including from the Waipahu 2000 Update Committee, Waipahu Town Plan Task Force, and the neighborhood board.