Posted on: Friday, May 23, 2003
Home Depot picked for Hilo site
By Kevin Dayton
Advertiser Big Island Bureau
HILO, Hawai'i Home Depot is headed for Hilo after state officials yesterday selected the big-box home improvement retailer to lease and develop vacant land behind the Prince Kuhio Plaza.
Kenneth Toguchi, public information specialist for the state Department of Hawaiian Home Lands, said there was one other bidder seeking the lease on the Hilo property but declined to name the losing bidder.
Home Depot's prototype store is more than 100,000 square feet, and costs about $10 million to build. The stores usually employ 175 to 225 people, depending on the volume of sales.
A spokesman for the firm has said Home Depot plans to use the 11-acre Hawaiian Homes site along Maka'ala Street for its own store, rather than subleasing space to other retailers.
Home Depot approached Hawaiian Homes last year about leasing the site, and the department solicited bids earlier this year.
The department was seeking a lease of at least 25 years, with minimum ground lease rent of $237,000 a year for the first 10 years, followed by rent increases later.
The terms of the winning bid will be made public today, Toguchi said, with the lease to be finalized later this year.
Home Depot has said it plans to open the Hilo store in 2004.
Reach Kevin Dayton at firstname.lastname@example.org or (808) 935-3916.