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A&B PROPERTIES TO BUILD 135 RESIDENCES AT
PORT ALLEN, KAUAI
Construction of $40 Million Project to Begin this August
HONOLULU – (August 1, 2005) – The latest residential development project
from A&B Properties, Inc., a subsidiary of Alexander & Baldwin, Inc.
(NASDAQ: ALEX), will be in South Kauai, overlooking Port Allen Harbor,
where 135 condominium and single-family units will be built at a total
construction cost of approximately $40 million. Site work is expected to
begin in August; Goodfellow Bros., one of the State’s largest civil
contractors, has been awarded the contract for infrastructure
improvements.
The overall project consists of a 75-unit multi-story condominium
project named “Kai ‘Olino”, and 60 single-family homes in an adjacent
project called “Keala‘ula.” Both projects are located on a 17-acre
A&B-owned parcel overlooking Port Allen Harbor. The property is zoned
for residential development, and has received its SMA (Shoreline
Management Area), project development and zoning permits from the County
of Kauai. Traffic improvements to be made by A&B Properties include the
installation of a traffic signal at the intersection of Kaumualii
Highway and Waialo Road. Vertical construction will commence upon
receipt of building permits.
“We are very pleased to announce the launch of our latest project in
Hawaii”, said A&B Properties CEO Stanley Kuriyama. “The project is in a
good location, between Koloa and Hanapepe, and adjacent to Port Allen
Harbor, with many of the units having excellent ocean views. This
project is also located in the vicinity of other A&B lands, which should
result in future synergies among residential and commercial uses. The
project is intended for the local residential market, and we believe we
will be creating a great new community for the residents of Kauai.”
“The cooperation we have received from the County for all of our Kauai
projects has been exemplary,” according to Tom Shigemoto, Vice President
of A&B Properties on Kauai. “As a continuing demonstration of our
longstanding commitment to Kauai, we are giving Kauai residents who
intend to live in the units as owner-occupants a first opportunity to
purchase the units.”
The sale of the first 48 condominium units at Kai ‘Olino were released
for pre-sale beginning in May. Non-binding contracts for all 48 units
have been entered into, following a lottery process, and all of the
units were purchased by owner-occupant buyers. Prices for the 48 units
ranged from $325,000 to $550,000 for two- and three-bedroom units
ranging in size from approximately 1,000 square feet to 1,300 square
feet. The remaining 27 Kai ‘Olino units are expected to be released for
pre-sale in September.
The Keala‘ula single-family homes are planned to consist of a variety of
efficiently designed three-bedroom homes on lots that will average 6,000
square feet. Pricing has yet to be determined for these homes. Sales are
anticipated to begin in the fall, subject to receipt of final
subdivision approval from the County. Kauai residents intending to
occupy the homes as their primary residence will again be given a first
opportunity to purchase the homes.
A&B’s largest residential project on Kauai is Kukui’ula, a 1,000-acre
master planned residential resort community at Poipu, planned for
approximately 1,300 homes. Kukui’ula is in active development with
partner DMB Associates of Scottsdale, AZ, with major infrastructure
construction expected to begin this fall. Previous A&B Properties
residential developments on Kauai since 1980 include more than 450
single-family homes at Ele‘ele Nani I and II, located near Port Allen.
A&B Properties, Inc. (www.abprop.com.)
is the property development and management subsidiary of Alexander &
Baldwin, Inc., a diversified corporation headquartered in Honolulu. A&B
owns 91,000 acres in Hawaii, making it Hawaii’s fourth largest private
landowner.
A&B development projects are ongoing in various locations on Oahu, Maui,
Kauai, and the Big Island of Hawaii. A&B Properties has an income
portfolio of commercial properties in Hawaii and on the Mainland
consisting of more than 5.2 million square feet of 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’s major lines of business are ocean transportation (Matson
Navigation Company, Inc.); property development and management (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 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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