APPROVAL GRANTED FOR 60-ACRE MIXED-USE DEVELOPMENT

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HONOLULU — The Hawai‘i Community Development Authority has approved a proposed more than 20-year plan by Victoria Ward Ltd. to develop a 60-acre mixed-use project in the heart of Honolulu. The oceanfront neighborhood is planned to feature as many as 4,300 residential units; 5 million square feet of retail, restaurant and entertainment space; 4 million square feet of office and commercial space; 700,000 square feet of industrial space; and 14 acres of open space, parks and public facilities. Victoria Ward Ltd. is an affiliate of General Growth Partners Inc., a U.S.-based publicly traded REIT.

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