$33 million renovation planned for Hawaii’s largest mall

Washington Prime Group has announced a $33 million renovation plan of Pearlridge Center in Aiea, Hawaii, near Pearl Harbor. The 1.2 million-sq.-ft. property is the largest retail center in the state, consisting of Uptown and Downtown complexes joined by a monorail.



Updated entrances, a more contemporary dining space, and improvements to both interior and exterior finishes are planned for Pearlridge. Specialty grocer Down to Earth will move to a larger, freestanding space, Bank of Hawaii will install a new financial services center, and Pieology and Five Guys Burgers will be part of the new dining area.



The renovation is part of a Washington Prime Group commitment to invest between $150 million and $200 million annually in core portfolio assets. More than 35 redevelopments are currently underway, according to Washington Prime Group CEO Lou Conforti.



Based upon our strong track record of redevelopment in such assets as Polaris Fashion Place in Columbus and Scottsdale Quarter in Arizona, we have produced accretive results with initial returns in the range of seven to 11 percent, averaging approximately nine percent,” Conforti said.



The renovation is to be completed in phases from this spring through 2018.

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