A real estate investment firm was selected to look into developing the International Market Place in Waikiki, pushing forward the on-again, off-again plans to redevelop the Waikiki bazaar.

Michigan-based Taubman Centers Inc. signed an agreement with owner Queen Emma Land Co. to evaluate the market feasibility and physical and regulatory requirements to develop an open-air shopping center.

“;This popular area will be revitalized with destination retail and dining for tourists and residents alike, and will complement the surrounding area to reflect the local Hawaiian sense of place,”; Stephen Kieras, senior vice president of development for Taubman, said yesterday.

Queen Emma Land Co. owns the 2.9-acre property and owns 18.5 acres total in Waikiki. The company has toyed with the idea of renovating the area before.

In 2003 the company, a subsidiary of Queen's Health Systems, planned for a $150 million transformation of the circa-1950s marketplace in 2005. Those plans were shelved two years later due to the demands of Queen's Health Systems.

“;Our primary function as a nonprofit is to support the Queen's Medical Center,”; said Les Goya, vice president of Queen Emma Land Co. “;At the time, on a systemwide basis, perhaps the risk and exposure was a little bit more than the organization would've liked to handle.”;

In 2008 the company issued a request for proposals for developers. Yesterday's announcement of the signed agreement is the culmination of a year and a half of searching for the right developer, Goya said.

Taubman Centers is partnering with San Francisco-based CoastWood Capital Group LLC on the project.

Goya said the company is keeping its approximately 200 tenants informed regarding the project, which proposes to redevelop almost 6.5 acres in Waikiki, including the Waikiki Town Center.

“;Our ongoing effort to keep them involved in the communication process has been the same, and I think we have a good rapport with them,”; Goya said.

He added that a time line for the project won't be available until Taubman completes its assessment of the property.

“;They're just starting,”; Goya said. “;What they uncover, what kind of difficulties they may have in front of them, that will all determine how long this will all take.”;

The International Market Place opened in 1957. There have been no major renovations since 1970. The area is known for being peppered with carts, kiosks and stores that sell imported aloha wear, handmade candles and inexpensive jewelry, trinkets and souvenirs.