The developer of a planned $500 million regional shopping mall in Kapolei started a lease Monday with the state Department of Hawaiian Homelands.

DeBartolo Development said it will begin immediately to prepare the site for construction of phase one of the 1.4 million-square-foot project.

The company said the 65-year lease for Ka Makana Ali’i will generate more than $200 million in rent revenue that will support the construction of thousands of new homes for Hawaiian homesteaders. 

The project is projected to create an estimated 3,000 jobs during construction and 6,500 permanent full-time jobs upon completion of the center.

If financing and construction proceed as expected, a $285 million first phase with 750,000 square feet of space including Macy’s, Forever 21, H&M, a cinema and a hotel is scheduled to open on 50 acres in 2016.