The project by General Growth Properties would ultimately involve replacing everything that exists on its Ward land today — including Ward Warehouse, Ward Centre, Ward Entertainment Center and the IBM Building — but is envisioned to start in 2011 with a pedestrian plaza replacing old warehouses and the Ward Farmers Market.

General Growth's "Ward Neighborhood" project will include a mix of low-rise and high-rise housing integrated with more retail, open public spaces and a nearby transit station planned by the city — on land roughly bounded by Ala Moana, Queen Street, a cluster of property just 'ewa of Ward Avenue and the IBM Building next to Border's.

Retail businesses would continue to have a major presence in the neighborhood, with space for about 400 retail tenants, up from about 300 today, the company said.

The first phase of redevelopment under the new master plan is a 3-acre public pedestrian plaza between Queen Street and Auahi Street in the place of Ward Farmers Market and a few industrial warehouse buildings between Sports Authority and theater complex. In a future phase, the plaza would be extended to Ala Moana through what is now the middle of Ward Warehouse to overlook Kewalo Basin.

So far, General Growth's master plan is only a broad conceptual idea. The company said a more detailed version should be completed in April. The master plan would be subject to approval by the Community Development Authority, a state agency overseeing development in Kaka'ako.