Dateline

Firm hired for center

               WAIKIKI , May 12 -- Kamehameha Schools has picked California shopping center developer The Festival Cos. to execute it's $55 million renovation plan for the Royal Hawaiian Shopping Center .  The Los Angeles-based company  will also take over management of the 293,000-square-foot mal.

               The long-planned overhaul of Waikiki 's largest retail complex is expected to begin in January and be completed in December 2005.

               Festival has developed more than $1.5 billion in retail property, including recently completed retail and entertainment center Buena Park Downtown across from Knott's Berry Farm in California .

               The renovation will be the first significant upgrade for the 24-year-old mall, which is profitable but has struggled in recent years and has long been criticized for its concrete fortress look.

According to leasing agent Colliers Monroe Friedlander, the mall is 40 percent vacant. Colliers was hired in December to be the exclusive leasing agent for the center, and will work with Festival to add tenants.

               Festival in July will take over property management from Kamehameha Schools' for-profit subsidiary Pauahi Management Co. The trust said Festival expects to retain many Pauahi Management employees. http://the.honoluluadvertiser.com/article/2004/May/12/bz/bz03a.html

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