FERRY WORK GETS UNDER WAY
Construction of the Hawaii Superferry got under way yesterday with a traditional Hawaiian blessing marking the occasion at the Austal USA shipyard in Mobile, Ala. The first of two 345-foot, catamaran-type ferries will begin interisland service in 2006 with the second to follow about a year-and-a-half later.
Grove Farm gets stake
in Hawaii Superferry
Maui Land & Pineapple Co., which last month said it was investing $1 million in Hawaii Superferry, said yesterday it has sold half of that stake to Grove Farm Co.
America Online founder Steve Case, a Punahou graduate, is the controlling shareholder of Maui Land with 42.9 percent of the company and is the sole owner of Grove Farm.
"This investment makes sense for Grove Farm," said David Pratt, the firm's president and chief executive.
Case said investing in a multifaceted, high-quality transportation system was needed to "ensure that Hawaii has both an exceptional quality of life and robust economic opportunities 20 years from now."
Grove Farm, purchased by Case in December 2000, is best known for its Kukui Grove Shopping Center, Puhi Industrial Park and several residential subdivisions in the Lihue area.
Greg Metcalf, Austal chief executive, talked about the beginning of construction. He was joined, from left, by Kahu Kauwila Clark; Tim Dick, founder and chairman of Hawaii Superferry; and Terry White, chief operating officer.
