Queen Emma Land Company and Taubman Centers Announce Saks Fifth Avenue to
Anchor the Revitalized International Market Place
Proposed revitalization project will support The Queen's Medical Center's work
HONOLULU, June 14, 2013
HONOLULU, June 14, 2013 /PRNewswire/ --Queen Emma Land Company, Taubman
Centers, Inc. (NYSE: TCO) and CoastWood Capital Group, LLC, are pleased to
announce the commitment of retailer Saks Fifth Avenue to be the anchor store
at the International Market Place as part of the planned revitalization of the
iconic shopping center.
(Logo: http://photos.prnewswire.com/prnh/20080428/CLM116LOGO )
As one of the most valuable land assets of Queen Emma Land Company,
International Market Place's redevelopment will support the mission of The
Queen's Medical Center to improve the well-being of Native Hawaiians and the
people of Hawai'i. Revenues generated from the redeveloped property will
directly fund Queen's operations as well as upcoming community initiatives,
such as the opening of The Queen's Medical Center – West O'ahu.
"We are excited to take another step forward in this process, as the
redevelopment of the International Market Place will provide a renewed and
sustainable income source for The Queen's Medical Center," said Eric
Martinson, president of Queen Emma Land Company. "This project is needed to
provide essential resources and will allow Queen's to continue to serve its
mission providing access to specialized medical services."
"This continues the steady progress we have made over the past two years in
moving the project through the due diligence and feasibility stage," said
Stephen J. Kieras, senior vice president of development for Taubman Centers.
"Taubman and Queen Emma Land Company look forward to completing the process in
the near future."
"We are delighted to have the opportunity to open our first full-line Saks
Fifth Avenue store in Hawai'i – particularly in this wonderful location in the
heart of Waikiki," said Steve Sadove, chairman and chief executive officer of
Saks Incorporated. "We look forward to offering the residents of and tourists
to the area a great assortment of distinctive merchandise and our exemplary
customer service, showcased in a beautiful new store within the International
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ABOUT QUEEN EMMA LAND COMPANY
Queen Emma Land Company is a local nonprofit organization established to
support and advance health care in Hawai'i, primarily through The Queen's
Medical Center and its affiliates. QEL accomplishes this by managing and
enhancing the income-generating potential of the lands left to The Queen's
Hospital by Queen Emma in 1885, and additional properties owned by The Queen's
ABOUT THE QUEEN'S MEDICAL CENTER
The Queen's Medical Center is a 501 (c) (3) non-profit corporation, acute care
medical facility accredited by The Joint Commission. The facility houses 505
acute beds and 28 sub-acute beds and is widely known for its programs in
cancer, cardiovascular disease, neuroscience, orthopedics, surgery, emergency
medicine and trauma, organ transplants and behavioral medicine. Queen's is
home to a number of residency programs offered in conjunction with the John A.
Burns School of Medicine at the University of Hawaii. Queen's has achieved
Magnet® status – the highest institutional honor for hospital excellence –
from the American Nurses Credentialing Center. Magnet recognition is held by
six percent of hospitals in the United States. Queen's is the first hospital
in Hawaii to achieve Magnet status.
ABOUT TAUBMAN CENTERS
Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in
the ownership, management and/or leasing of 27 regional, super-regional and
outlet shopping centers in the U.S. and Asia. Taubman's U.S.-owned properties
are the most productive in the publicly held U.S. regional mall industry.
Taubman is currently developing Taubman Prestige Outlets Chesterfield in
Chesterfield, Mo.; The Mall at University Town Center in Sarasota, Fla.; The
Mall of San Juan in San Juan, Puerto Rico; and shopping malls in Xi'an and
Zhengzhou, China and Hanam, South Korea. Taubman Centers is headquartered in
Bloomfield Hills, Mich.and Taubman Asia, the platform for Taubman Centers'
expansion into China and South Korea, is headquartered in Hong Kong. Founded
in 1950, Taubman has more than 60 years of experience in the shopping center
industry. For more information about Taubman, visit www.taubman.com.
ABOUT COASTWOOD CAPITAL GROUP, LLC
CoastWood Capital Group, LLC is a specialized real estate investment firm
based in San Francisco.Founded by Cordell Lietz in 2003, the company
acquires, manages and develops real estate in the United States with an
emphasis on retail and other property types with unique operational
characteristics. CoastWood has been actively investing in Hawai'i for ten
years now and holds interests in several retail properties throughout Hawai'i.
ABOUT SAKS FIFTH AVENUE
Today, Saks Incorporated operates 42 Saks Fifth Avenue stores in 22 states,
five internationally licensed Saks Fifth Avenue stores, 66 Saks Fifth Avenue
OFF 5TH outlet stores, and the company's online store, saks.com, Saks Fifth
Avenue, one of the world's preeminent specialty retailers, is renowned for its
superlative American and international designer apparel collections; its
expertly edited assortment of handbags, shoes, jewelry, cosmetics, and gifts;
and the first-rate fashion expertise and exemplary client service of its
Associates. Saks Fifth Avenue is proud to be named a J.D. Power and Associates
2012 Customer Service Champion and is only one of 50 U.S. companies so named.
The company currently operates a Saks Fifth Avenue OFF 5TH outlet store in
For ease of use, references in this press release to "Taubman Centers,"
"company," "Taubman" or an operating platform mean Taubman Centers, Inc.
and/or one or more of a number of separate, affiliated entities. Business is
actually conducted by an affiliated entity rather than Taubman Centers, Inc.
itself or the named operating platform.
This press release may contain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These statements reflect
management's current views with respect to future events and financial
performance. The forward-looking statements included in this release are made
as of the date hereof. Except as required by law, we assume no obligation to
update these forward-looking statements, even if new information becomes
available in the future. Actual results may differ materially from those
expected because of various risks and uncertainties. You should review the
company's filings with the Securities and Exchange Commission, including "Risk
Factors" in its most recent Annual Report on Form 10-K and subsequent
quarterly reports, for a discussion of such risks and uncertainties.
SOURCE Taubman Centers, Inc.
Contact: Karen Mac Donald, Taubman, Director, Communications, 248-258-7469,
email@example.com; Barbara Baker, Taubman, Vice President, Corporate
Affairs & Investor Relations, 248-258-7367, firstname.lastname@example.org; Julia Bentley,
SVP Investor Relations/Communications, Saks Incorporated, 865-981-6243,
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