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A&B’S NEWEST HIGH-RISE CONDOMINIUM UNDERWAY ON OAHU
Keola La´i Will Provide 352 Units
HONOLULU – July 6, 2005 – A&B Properties, Inc., the real estate
subsidiary of Alexander & Baldwin, Inc. (NASDAQ: ALEX), today received
approvals from the Hawaii Community Development Authority for what will
be the company’s third high-rise residential condominium development on
Oahu, a 42-story, 352-unit building named Keola La´i (tranquil
lifestyle). The project will be developed by the limited liability
company A&B Kakaako LLC, which is managed by A&B Properties. A&B
purchased the 2.7-acre parcel, located in Kakaako at the corner of
South Street and Queen Street, close to downtown Honolulu, in August
2004. The first 85 units in the project will be released for sale later
this month, with at least 50% of those units for sale to
owner-occupants. Construction is expected to start by early 2006 with
occupancy expected within two years.
“We expect Keola La´i to be the preferred choice for those wishing to
live in Honolulu’s new urban village – Kaka´ako – which offers a place
for people to ‘live, work and play’,” said A&B Properties CEO Stanley M.
Kuriyama. “It will have excellent ocean views and good access from
adjoining streets. The property is a couple of blocks from both downtown
Honolulu and Restaurant Row, and lies close to numerous business and
government offices, retail and entertainment centers and dining
establishments.” The property comprises an entire block, and
establishments surrounding the property include The Advertiser Building,
Kamehameha School’s Kawaiahao Plaza headquarters, a Gold’s Gym and the
office headquarters and museum for the Honolulu Fire Department, which
is currently under construction.
Keola La´i will have 37 stories of
residential apartments atop five floors of parking. There will be one-,
two- and three-bedroom models available and the project will include a
recreational area with swimming pool, fitness center and barbeque area
on the fourth deck, plus a pavilion and kitchen facilities for
entertaining. There also will be 10,000 square-feet of commercial space
on the ground floor, available to retailers, service providers and other
businesses.
The project will have 71 one-bedroom, 244 two-bedroom and 40
three-bedroom units. The one-bedroom units will average 675 square feet
in size, and prices will begin at $340,000. The two-bedroom units will
average 1,000 square feet, with prices beginning at $445,000. The
three-bedroom units average 1,400 square feet in size, and prices will
begin at $695,000. All two and three-bedroom units will have two
assigned parking stalls each. A&B has constructed a sales office and
model unit in the Waterhouse building on Queen Street, adjacent to the
project site, and Coldwell Banker Pacific Properties has been hired as
the project broker. Reserved housing units required by HCDA rules will
also be provided within the project, at prices to be determined.
“We are excited to be participating in the development of Kakaako and,
similar to our involvement in two other high-rise condominium projects
-- Lanikea and Hokua -- we expect to build a quality highrise that will
be well-received in the marketplace,” said Kuriyama. Lanikea is a
100-unit project that is the first high-rise to be built in Waikiki in
over a decade. Construction will be completed this month and the first
closings have already occurred. Hokua is a 247-unit luxury condominium
project being built in a partnership with the MacNaughton and Kobayashi
Groups, and is scheduled for completion late this year. Both projects
are completely sold out.
A&B Properties, Inc. (www.abprop.com)
is the real estate subsidiary of Alexander & Baldwin, Inc., a
diversified corporation headquartered in Honolulu. A&B owns 91,000 acres
in Hawaii, making it the state’s fourth largest private landowner. A&B
Properties has an income portfolio of commercial properties in Hawaii
and on the U. S. mainland consisting of more than
5.2 million square feet of leasable retail, office, and industrial
space.
The majority of A&B’s recent acquisition and
investment activity has been focused on Hawaii where, since 1999, A&B
Properties has acquired or invested in 23 properties outside its core
land holdings on Maui and Kauai, representing a total capital commitment
approaching $500 million. A&B development projects are currently
on-going on Oahu, Maui, Kauai and the Big Island.
A&B’s major lines of business are ocean transportation (Matson
Navigation Company, Inc.); real estate (A&B Properties, Inc.); and food
products (Hawaiian Commercial & Sugar Company, Kauai Coffee Company,
Inc.). Additional information about A&B may be found at its web site:
www.alexanderbaldwin.com.
Statements in this press release that are
not historical facts are “forward-looking statements,” within the
meaning of the Private Securities Litigation Reform Act of 1995, that
involve a number of risks and uncertainties that could cause actual
results to differ materially from those contemplated by the relevant
forward-looking statement. Factors that could cause actual results to
differ materially from those contemplated in the statements include,
without limitation, overall economic conditions, failure to satisfy the
closing conditions set forth in the definitive agreement and other risks
associated generally with acquisitions and developments. These
forward-looking statements are not guarantees of future performance.
This release should be read in conjunction with our Annual Report on
Form 10-K and our other filings with the SEC through the date of this
release, which identify important factors that could affect the
forward-looking statements in this release.
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