Consolidated signs deal
Star-Bulletin staff
on the long-vacant Keeaumoku siteHaseko (Hawaii) Inc. has signed Consolidated Amusement Theatres to build a 20-screen complex for its long-vacant, 8.5-acre "superblock" parcel on Keeaumoku Street.
Haseko yesterday said the theaters complex will be the anchor tenant for its more than $100 million Pacific Entertainment Plaza, which will be bordered by Keeaumoku, Rycroft, Sheridan and Makaloa streets.
The plaza also will have 30 stores featuring theme restaurants, a book and music store, home/lifestyle merchants, fashions, toys, and other specialty shops. These tenants are still unsigned but may be announced in the near future, according to developers.
Haseko said construction of the project will create 500 jobs and begin early next year with the theater complex.
Consolidated's theater complex, which will be the largest in the state, will have 5,000 seats and open in the summer of the year 2000.
Consolidated is taking 100,000 square feet of the 515,000 square feet at Pacific Entertainment Plaza. The company already has 75 movie screens at 15 locations in Hawaii, including the nearby Cinerama theater.
Other Consolidated theater openings in the next 24 months are planned at Mililani, Koko Marina, and Temple Valley, and Pearlridge will be expanded, said Neal S. B. Haltrecht, vice president of real estate and development at Pacific Theatres, Consolidated's parent company.
Forest City Development of California and Keeaumoku Partners, are co-developers of the Pacific Entertainment Plaza.
Haseko's plans for the site have changed over the years. The company originally planned a mix-used project with nearly 1 million square feet of retail space and two residential condominiums up to the maximum allowable height of 250 feet, said Nelson Lee, Haseko's project manager.
He said the current plan is for a three-story retail project, less than 100 feet high, stepping back from Keeaumoku Street. The movie complex would be on top of the parking garage at an interior location on the property.
"We see this project as a complement to Ala Moana Center and part of an entertainment district outside of Waikiki," Lee said.
Land is being reserved for one possible condominium that could be developed later when there is market demand, Lee said.
Forest City Development, California, Inc. is a division of Forest City Enterprises Inc., a $2.5 billion company based in Cleveland. Keeaumoku Partners, the managing general partner, is a subsidiary of Haseko (Hawaii) Inc. Leasing agent is CB Commercial
