Updated Plan Continues to Bring Kauai's "Living Garden" to Life
HONOLULU--(BUSINESS WIRE)--May. 27, 2009--
Alexander & Baldwin, Inc. (NYSE:ALEX) (“Company”) today
announced that it has increased its ownership participation in its
Kukui’ula venture, Kukui’ula Development Company (Hawaii), LLC.
As part of an amended agreement, A&B, through its subsidiary, KDC, LLC,
and DMB Associates, Inc. (“DMB”), the Company’s co-developer at
Kukui’ula -- a 1,000-acre master planned resort residential community in
the Poipu region of Kauai -- will collectively invest an estimated $165
million of capital over the next three years to complete both the
project’s primary recreational amenities, as well as infrastructure
serving its residential components. Completion of the 18-hole Tom
Weiskopf championship golf course, resident club and restaurant, golf
clubhouse and world-class spa, are scheduled for the end of 2010.
Subdivision improvements have already been completed for 123 lots, and
construction of the golf course, clubhouse and other recreational
facilities commenced in 2008.
“The original vision for Kauai’s ‘Living Garden’ continues to be
realized,” said Stanley M. Kuriyama, president of Alexander & Baldwin.
“This new opportunity to invest strengthens our partnership with DMB,
and importantly allows us to complete our resort amenities and continue
to move forward with the entire project, while building long-term value
at Kukui’ula. By increasing our ownership and investment in the project,
A&B also reinforces its long-standing commitment to Hawaii and to the
residents of Kauai. This investment allows for the completion of what we
believe will truly be one of Hawaii’s outstanding resort communities,
and will position us to capture rising buyer demand as the economy and
real estate markets recover.”
"With A&B, we have a proven and capable partner,” said Drew Brown,
chairman of DMB Associates, Inc. “We are extremely pleased by the
progress we have made at Kukui’ula, and by the exceptional community we
are creating. In these extraordinary times, we remain committed to our
owners and the residents of Kauai to develop a project that proudly
reflects this remarkable place."
About Alexander & Baldwin: A&B
is headquartered in Honolulu, Hawaii and is engaged in ocean
transportation and logistics services through its subsidiaries, Matson
Navigation Company, Inc., Matson Integrated Logistics, Inc. and Matson
Global Distribution Services; in real estate through A&B Properties,
Inc.; and in food products through Hawaiian Commercial & Sugar Company
and Kauai Coffee Company, Inc. Additional information about A&B may be
found at its web site: www.alexanderbaldwin.com.
About DMB Associates: DMB
Associates, Inc. (DMB) is a diversified real estate investment and
development firm with real estate holdings through affiliated companies
where people and their passions unite. Founded in 1984, DMB is one of
the most active community developers in the West. Their projects include
resort/recreational and primary home communities, country clubs,
signature commercial properties, hotels, health clubs and spas.
Additional information about DMB may be found at its web site: www.dmbinc.com.
About Kukui’ula: Kukui’ula is
being developed by Kukui’ula Development Company (Hawai'i) LLC, a
venture between Alexander & Baldwin, Inc., one of Hawaii's largest
private landowners and developers, and DMB Associates, Inc., a
Scottsdale, Arizona-based development company and a highly acclaimed
leader in creating successful legacy communities in the Western U.S. for
more than 20 years. Additional information about Kukui’ula may be found
at its web site: www.kukuiula.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. 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.
Source: Alexander & Baldwin, Inc.
Alexander & Baldwin, Inc.
For media inquiries:
investor relations inquiries:
Kevin L. Halloran, 808.525.8422