Kamehameha Schools and Alexander & Baldwin Announce Agreement for Residential Condominium in Kaka'ako
HONOLULU, Feb 03, 2012 (BUSINESS WIRE) --A&B Properties, Inc., a subsidiary of Alexander & Baldwin, Inc. (NYSE:ALEX) (A&B) has executed an option agreement to purchase a development block in Kaka'ako from Kamehameha Schools, on which A&B will initiate planning for the future development of a residential condominium tower. The property is located within Kamehameha Schools' 29-acre Kaiaulu 'o Kaka'ako master plan, a plan that when completed, will offer a diverse community to live and work in and reflect Kaka'ako's long tradition of innovation, hard work, good friends and good times.
The property fronts Ala Moana Boulevard and is bordered by Keawe, South and Auahi streets. The site, formerly home to Comp USA, is adjacent to Kamehameha's recently announced 60,000 square-foot specialty retail and village center, and would benefit from Kamehameha's planned street-level improvements along Keawe Street. The property is entitled for high rise residential development, but may also include commercial space for businesses to serve the neighborhood. A&B expects its pre-development efforts will take several years and will not have any near-term impact on the existing tenants at the property.
A&B recently announced the opening of sales for Waihonua at Kewalo, its newest residential condominium project, located between Ala Moana Shopping Center and Ward Centers. "We are very pleased with the market response to Waihonua and look forward to bringing this product to market in the near future. The project with Kamehameha Schools is intended to follow the completion of Waihonua, and will allow A&B to continue its development of high quality residential communities within Honolulu's urban core," said Christopher J. Benjamin, president of A&B Properties. "The opportunity to work with Kamehameha Schools in Kaka'ako is consistent with A&B's strategic objective of securing superior projects in Hawaii that diversify our portfolio of residential, resort and commercial developments on the neighbor islands."
The former Comp USA site is intended to be the first residential tower development within Kamehameha Schools' Kaiaulu 'o Kaka'ako master plan, which was approved by the Hawai'i Community Development Authority in September 2009. "Kamehameha has long envisioned a 21st century neighborhood that brings excitement and comfortable living in an urban setting," said Paul Kay, Kamehameha's director of commercial development. "For our master plan vision to be realized, we need a proven community developer, and A&B Properties is the perfect choice."
Kamehameha is currently converting a former office building at 680 Ala Moana Boulevard into 54 affordable and uniquely designed rental apartments. The units will be ready for residents later this year.
Additionally, Kamehameha is finalizing design for a village center which will serve as a venue for locally-owned specialty shops and boutiques, entertainment, dining and community gathering. Construction on the center is expected to begin in 2013.
About Kamehameha Schools
Kamehameha Schools is a private, educational, charitable trust founded and endowed by the legacy of Princess Bernice Pauahi Bishop. Kamehameha Schools operates a statewide educational system enrolling nearly 5,400 students of Hawaiian ancestry at three K-12 campuses and 1,500 at 31 preschool sites statewide. Approximately 38,500 additional Hawaiian learners and caregivers are served each year through a range of other Kamehameha Schools' outreach programs, community collaborations and financial aid opportunities in Hawai`i and across the continental United States. Kamehameha Schools' educational programs are funded solely by the trust's financial investments and income from commercial and agricultural assets, including those in Kaka'ako, Kapalama, Mo'ili'ili, Waialua and West Hawai'i.
About A&B Properties
A&B Properties is Hawaii's fourth largest private landowner, holding over 88,000 acres primarily on the islands of Maui and Kauai. A&B Properties' diverse real estate holdings include projects on Maui, Kauai, the Big Island and in California and a commercial property/investment portfolio comprising 7.9 million square feet of retail, office and industrial space comprising 44 properties located in Hawaii and eight mainland states. Additional information may be found at A&B Properties' web site: www.abprop.com.
Alexander & Baldwin, Inc. is headquartered in Honolulu, Hawaii and is engaged in ocean transportation and logistics services through its subsidiaries, Matson Navigation Company, Inc. and Matson Logistics, Inc.; in real estate through A&B Properties, Inc.; and in agribusiness through Hawaiian Commercial & Sugar Company. Additional information about A&B may be found at its web site: www.alexanderbaldwin.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 Alexander & Baldwin, Inc.'s 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. We do not undertake any obligation to update our forward-looking statements.
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SOURCE: A&B Properties, Inc. Alexander & Baldwin, Inc.
Erin Kinney, 808-534-8507
Alexander & Baldwin, Inc.
Meredith J. Ching, 808-525-6669 (Media)
Suzy P. Hollinger, 808-525-8422 (Investor Relations)