for those interested..
(On the site of the demolished Sahid Raya Hotel)will comprise of
"A three-storey shopping center to contain two levels of basement, with a floor space of 10,000 square meters"
http://www.bciasia.com/view/global.cfm?project_refid=101770666236367
and..
New Sheraton Kuta Resort
From the Sheraton site:
"Our resort will form part of the new Beachwalk Kuta-Bali development, featuring restaurants, bars, fashion boutiques and a variety of retail outlets"
http://www.starwoodhotels.com/sheraton/property/overview/index.html?propertyID=3556
From the map on their site the location arrow points to behind Kuta Square in between/behind the Art Market & Inna Kuta
http://www.starwoodhotels.com/sheraton/property/area/map.html?propertyID=3556
Also see map:
http://wikimapia.org/1405297/Centro-discovery-Mall