Waikiki Trade Center plans renovation
The Waikiki Trade Center has joined the lineup of properties in the tourist district that are undergoing multimillion-dollar upgrades and repositioning, as a prosperous local economy and improved visitor numbers have renewed interest in the marketplace.
Planned improvements for the 24-story retail and office center on Kuhio Avenue will include renovations to the ground floor, office tower lobbies and retail mall as well as improved landscaping, air conditioning work and other maintenance, according to a press release issued yesterday by CB Richard Ellis Hawaii, the commercial real estate firm that has taken over management and leasing for the center.
The Waikiki Trade Center project along with the Royal Hawaiian Shopping Center renovation, Outrigger's Lewers Street project and the International Market Place upgrade are designed to capitalize on momentum from Hawaii's economy as well as appeal to the changing visitor market.
Built by developers Jack Myers and Bruce Stark in the 1980s, the Waikiki Trade Center in recent times has been "an underperforming building in a strategic location," said Marlene De Costa, CBRE Hawaii's director of asset services.
The strength of Hawaii's visitor industry combined with a shortage of quality office space has made it an ideal time for CBRE to reposition the center as one of Waikiki's top retail and office complexes, she said.
"When tourism is as strong as it is right now, the demand for Waikiki office and retail space is also strong," De Costa said. "The Waikiki Trade Center is one of the few buildings in Waikiki offering office space."