The Waikiki real estate market is facing a number of quick changes and legal proceedings. This is the same volatility seen in the larger Hawaii real estate market, which is proving increasingly difficult to predict or track. According to a May 21, 2010 article from KITV News, “Kyo-ya, the owner of Sheraton Hotels, wants to build two new high-rise towers in Waikiki. One would replace the Moana Surfrider’s oceanfront diamond head tower. The other would replace the lowrise structures at the Sheraton Princess Kaiulani Hotel across Kalakaua Avenue.” The piece went on to say that “Some have called it a major improvement to this aging side of Waikiki, but Local 5, which represents hotel workers, has filed a lawsuit against Kyo-ya to stop the project until the company clarifies exactly what it wants to build. The union said the environmental impact statement that the company gave to the city isn’t clear.”

One familiar symbol of downtown Waikiki, the International Market Place, is slated to undergo a renovation, one that will likely have a positive impact on surrounding Waikiki homes and condos for sale. According to a May 22, 2010 article in the Honolulu Star Bulletin, “A real estate investment firm was selected to look into developing the International Market Place in Waikiki, pushing forward the on-again, off-again plans to redevelop the Waikiki bazaar.” The piece by Gene Park continued to state that “Michigan-based Taubman Centers Inc. signed an agreement with owner Queen Emma Land Co. to evaluate the market feasibility and physical and regulatory requirements to develop an open-air shopping center…Queen Emma Land Co. owns the 2.9-acre property and owns 18.5 acres total in Waikiki.”
This same good news for Waikiki real estate was reported in a May 21, 2010 article from Pacific Business News. This piece echoed the article from the Star Bulletin, saying that “Queen Emma Land co. has signed an agreement with two Mainland firms to study the feasibility of redeveloping the International market Place in Waikiki…Taubman has partnered on the feasibility studies with CoastWood Capital Group LLC, a San Francisco real estate investment firm that acquires, manages and develops mostly retail properties.”