The state Department of Hawaiian Homelands has agreed to lease 15.5 acres of commercial property in Hilo to boost the local economy with a partnership between Safeway Inc. and Target Brands Inc.

The partnership is expected to generate $18.1 million over the next 25 years and will be used to build affordable housing for native Hawaiians. The move also will enable Hawaiian Homelands to be self-sufficient.

"Being self-sufficient means we can continue to move forward with our plans for building affordable homes for native Hawaiians," said Micah Kane, Hawaiian Homelands director. "It also means we continue to move forward with our regional plans that improve the quality of life for the greater community."

The 65-year lease terms will be hammered out over the next three months. The first 10 years of the lease is set at $568,460 per year and the subsequent five-year periods are $727,686, $823,304 and $931,486 a year.