Grace Pacific buys division of isle construction rival

Construction firm Grace Pacific Corp. has purchased the asphalt and concrete products business of competitor, Dillingham Construction Pacific Ltd.

Grace Pacific bought Hawaiian Bitumuls Paving & Precast Inc. for an undisclosed price, the company said yesterday. The acquisition shifts 150 employees to Grace Pacific's umbrella, bringing the firm's total number of workers to 350. Hawaiian Bitumuls will continue to operate under the same name as a wholly owned subsidiary of Grace Pacific.

Hawaiian Bitumuls had been part of the Dillingham for 67 years. Dillingham said it wants to focus on general contracting.

Queen's Medical to get $124,000 HECO rebate

Queen's Medical Center will collect a $124,000 rebate from Hawaiian Electric Co.'s energy efficiency program.

The program provides incentives for installing energy efficient equipment. Queen's will use the money to pay for the installation of two 1,350-ton high-efficiency electric chillers for the hospital's central air conditioning system.

With the new system, the hospital will save an estimated $190,000 a year in electricity, according to HECO.

Honolulu home market is 45th costliest in nation

Honolulu is now the 45th most expensive real estate market in the nation, according to a study released yesterday by Coldwell Banker Real Estate Corp.

The average price for a 2,200-square-foot home in Honolulu was $442,250.

Coldwell Banker evaluated comparable housing in over 300 markets nationwide.

Honolulu's ranking is an improvement over a decade ago when the city ranked in the 10 most expensive locations, said Coldwell Banker Pacific Properties Managing Director Herb Conley. Last year, Honolulu's ranking was 41.

"To me, the real good news is that as the mainland has continued to move forward, Hawaii has become more affordable," he said.

Conley describes the current trend as "a much more healthy cycle for Hawaii" than the 1980s when prices increased so rapidly that many people were priced out of the market.

Palo Alto, Calif., ranked as the most expensive city with an average price of $1.23 million. Minot, N.D., was the least expensive, with an average price of $119,000.