Private-Public Moanalua Project Nears Finish Line

06/02/06

Pacific Business News -- The MacNaughton Group is redeveloping the 52-year-old Moanalua Shopping Center near Pearl Harbor's Nimitz Gate.

The MacNaughton Group is forecasting a fall completion for its redevelopment of the Moanalua Shopping Center.

The 52-year-old center, about a mile mauka of Pearl Harbor's Nimitz Gate, is undergoing a total makeover.

"The old shopping center was a real eyesore, a derelict," said Todd Hedrick, manager of real estate leasing and management for The MacNaughton Group. "You could lose children in the potholes in the parking lot. The best thing that could be done with it was knock it down and bring it back with something the public can embrace."

MSC, a MacNaughton Group affiliate, has a 40-year lease on the property from the U.S. Navy, marking the first private-public venture of its kind involving the U.S. Defense Department.

In exchange for the old 85,000-square-foot center, the Navy gets a new 55,000-square-foot, two-story office building, in which it will consolidate a number of personnel offices that previously were inconveniently scattered.

The Navy's building is scheduled for delivery Sept. 1.

The developer, meanwhile, gets 30,000 square feet of retail space that it will lease to private companies over the 40-year terms of the lease.

Hedrick called the result "fabulous for Navy people and good for the community. It's a project that we're particularly proud of."

Two retail spaces remain, he said, while 19 new tenants have been signed. Two restaurants, Panda Express and Molly's Smokehouse, will have stand-alone space. Three tenants -- Jamba Juice, Verizon Wireless and Vitamin World -- already are open. Starbucks is about a week away.

Other tenants include Ruby Tuesday, Baskin-Robbins, Pearl Family Dental Care, Gamestop, Loco Moco Drive Inn, Cingular Wireless, Yummy Korean BBQ, Jeans Warehouse, Pigtails & Crewcuts (a kids' hair salon franchise), Makoto Sushi, Subway, Nail Tek and Koa Pancake House.

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