Home Depot giving up on 'superblock' deal
|||Home Depot still seeks site in midtown|
By Andrew Gomes
Advertiser Staff Writer
An early-stage deal has fallen apart for Home Depot to purchase the "Ke'eaumoku superblock" across from Ala Moana Center.
The nation's largest home-improvement retailer made a run at acquiring the site after the breakup of a long-negotiated purchase by Wal-Mart Stores Inc., which had hoped to build Wal-Mart and Sam's Club stores one on top of the other.
Home Depot spokesman Chuck Sifuentes said yesterday that after further study of development options, the nonbinding purchase agreement signed a few weeks ago wasn't going to work for the company.
Sifuentes would not discuss specifics, but said "it's a deal right now that makes no sense to us." Sifuentes added that the retailer remains interested in the property should terms change.
A representative of the "superblock" owner, the Wichman Family Trust, declined comment.