BRUCE ASATO / OCT. 2018
The owner of Pearlridge Center is considering residential and hotel development at the Aiea mall.
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The owner of Pearlridge Center is considering residential and hotel development at the Aiea mall.
Speaking at last month’s International Council of Shopping Centers conference in Waikiki, Randy Guse, a vice president for Pearlridge parent company Washington Prime Group, discussed how the complex may evolve in the future. He said medical offices will continue to be an important component, with potential growth for additional office and restaurant space.
“And there’s other uses that we think we can get to more of a mixed-use project that potentially would include residential or hotel.”
The company announced this week it is in “active planning and negotiations” for a mixed-use project at the former Toys R Us space at Pearlridge.
“Mixed-use redevelopment makes the most sense for this space, as with the changing retail landscape there is more demand for more food and activity-related tenants in lieu of big-box tenancy,” said Christine Camp, president and CEO of Honolulu real estate firm Avalon Group. “You already see residential buildings atop the state’s largest mall — Ala Moana Center — with more on the way, so it’s not surprising that the state’s second largest mall — Pearlridge — also is looking into adding residential to its strong retail mix.”
The shopping center owner is also making plans to replace the aging Sears store with additional dining and entertainment tenants, according to documents filed with the U.S. Securities and Exchange Commission.
Ala Moana Center and other malls have spent millions of dollars to redevelop and change the tenant mix to generate higher revenue. Guse noted that Pearlridge’s recent $33 million renovation added more restaurants to the retail complex. In addition, Hawaii Pacific Health’s Cancer Center, which took over the old Ross Dress for Less space, has been “a huge success” that has drawn people from all over the island, he said.
“A lot of good things are happening at Pearlridge,” Guse added.
Staff writer Andrew Gomes contributed to this report.
