Alexander & Baldwin Inc.'s real estate subsidiary has purchased a large vacant parcel Waikiki for $3.5 million and plans to build a high-rise condominium project. A&B buys Waikiki parcel
for $3.5 millionBy Rick Daysog
rdaysog@starbulletin.comA&B Properties Inc. acquired the 71,000-square-foot, fee-simple property from Japan-based DAI Investment Inc. on Nov. 1, according to state land records.
The property is on the Ewa end of Waikiki at Kuhio Avenue and Olohana Street, across from the King Kalakaua Plaza retail complex.
Michael Wright, vice president at A&B, said the company may also develop retail space on a 13,000 square-foot portion fronting Kuhio Avenue.
Wright said the company is in the early stages of planning and has made no decision on the number of units and their prices.
The total construction price also has not yet been set.
"We felt it was a tremendous opportunity to acquire a prime piece of real estate at a very good price," Wright said.
State land records show DAI Investment took over the property in March 2000 from another Japan-based company Glory International Inc. for about $5 million.
According to Wright, the land initially was put on the market in 1995 for about $15 million.
Wright said A&B was attracted by recent developments. The Honu Group, developers of the King Kalakaua Plaza retail complex, recently announced a major addition to its existing retail complex, while the city has invested a tremendous amount in the infrastructure in Waikiki, he said.