A&B Moves Ahead with Additional Phase of Maui Business Park

August 22, 2000
$4 Million Infrastructure Construction Continues, Land Sold to Home Depot for Store

KAHULUI, MAUI -- With $4 million of infrastructure improvements well underway at the 34-acre Phase IB of the Maui Business Park, A&B Properties, Inc. today announced the sale of a 12.7-acre parcel to Home Depot, which has selected the site for its Maui store. The contract for infrastructure improvements for the entire 34-acre parcel, located at the intersection of Dairy Road and Puunene Avenue, was awarded to Kiewit Pacific; it includes installation of on-site underground utilities (electricity, telephone, water and sewer lines), on-site roadway improvements and final lot grading. A&B expects the infrastructure for Phase IB to be completed by November. The remaining acreage in the business park will be available for fee simple purchase in a variety of lot sizes.

"The Maui Business Park's location is very desirable for businesses, primarily because of its proximity to the harbor and airport," said Robert K. Sasaki, president of A&B Properties, "and also due to the improvements A&B has made to Dairy Road and Puunene Avenue over the last five years. Home Depot's selection of Maui Business Park is clear evidence that the location is the key." Mercer "Chubby" Vicens, A&B Properties’ Maui vice president, added "Maui residents will recall that A&B already widened Dairy Road and upgraded the Hana Highway and Puunene Avenue intersections, which has helped traffic flow and also kept the streets from flooding during rainstorms. These improvements are a good example of how A&B ensures that the necessary infrastructure precedes or is developed concurrently with the rest of their projects."

A&B’s $20 million investment in infrastructure in Maui Business Park is in addition to an estimated $28 million of on-site development by companies already located at Phase IA of Maui Business Park.

The Maui Business Park is being developed by A&B in phases. Phase IA totaled 42 acres and includes the Maui Marketplace and other smaller lots. Other Maui Business Park businesses include Irrigation Systems, AAAAA Rent A Space, Hawaii Modular Space, Ballard Mortuary, McDonalds, and Hawaii Grower Products.

Alexander & Baldwin, Inc. (NASDAQ: ALEX) is a diversified corporation headquartered in Honolulu, this year celebrating its corporate centennial. A&B Properties, Inc. (www.abprop.com) is its real estate development and management subsidiary; A&B’s other main subsidiary is Matson Navigation Company, Inc. (ocean transportation). Additional information about A&B may be found at its web site: www.alexanderbaldwin.com.

# # #