A&B plans another
Honolulu high-rise
Alexander & Baldwin Inc. announced plans yesterday for its third high-rise condominium in Honolulu's urban core.
The company, which is constructing Lanikea in Waikiki and Hokua in Kakaako, is planning a 300-unit structure at the corner of South and Queen streets on a city block it recently purchased from Kakaako M-P Development for an undisclosed amount.
The former owners had planned a high-rise project on the property in the 1990s, but the project fell through and the 2.7-acre tract became a parking lot for nearby workers and members of Gold's Gym.
"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 high-rise that will be well received in the marketplace," said Allen Doane, A&B president and chief executive officer.
Construction on the unnamed project will begin in late 2005, with completion anticipated within 20 months.
Most of the fee-simple units, which are expected to sell for between $450,000 and $650,000, will be two-bedroom, two-bath units, with two parking stalls. The company expects to begin pre-selling units early next year.
A&B's 100-unit Lanikea project in Waikiki is under construction, and is sold out, said Stanley Kuriyama, chief executive of A&B's real estate subsidiary.
The Hokua condominium project, a joint venture with the MacNaughton and Kobayashi groups, is under construction as well, Kuriyama said. Demand has been strong, with about seven units of the 247-unit complex remaining available, he said.
A&B, the state's fourth-largest private landowner, has development projects on Oahu, Maui, Kauai and the Big Island.
The company's holdings total more than 90,000 acres in Hawaii and its income portfolio includes over 5 million square feet of leaseable space in mainland and local office, industrial and retail properties.
www.alexanderbaldwin.com
