A&B wins OK for 42-story tower
Pacific Business News (Honolulu)
The Hawaii Community Development Authority gave approvals Wednesday for a 42-story, 352-unit residential condominium tower in Kakaako.
The project, by A&B Properties Inc., is called Keola Lai, which the Alexander & Baldwin (Nasdaq: ALEX) subsidiary said means "tranquil lifestyle." A&B purchased a 2.7-acre parcel at South Street and Queen Street in August of last year.
The land occupies a whole block that is surrounded by The Advertiser Building, Kamehameha School's Kawaiahao Plaza headquarters, Gold's Gym and the new, under-construction headquarters of the Honolulu Fire Department.
The project will be developed by A&B Kakaako LLC, which is managed by A&B Properties.
"The property is a couple of blocks from both downtown Honolulu and Restaurant Row," said A&B Properties CEO Stanley Kuriyama, "and lies close to numerous business and government offices, retail and entertainment centers."
The project will have 71 one-bedroom, 244 two-bedroom and 40 three-bedroom units. The one-bedroom units will average 675 square feet in size, and prices will begin at $340,000. The two-bedroom units will average 1,000 square feet, with prices beginning at $445,000. The three-bedroom units average 1,400 square feet in size, and prices will begin at $695,000. All two and three-bedroom units will have two assigned parking stalls each.
The first 85 units in the project will be released for sale later this month, with at least 50 percent of those units for sale to owner-occupants. A&B has constructed a sales office and model unit in the Waterhouse building on Queen Street, adjacent to the project site, and Coldwell Banker Pacific Properties has been hired as the project broker. Reserved housing units required by HCDA rules also will be provided within the project, at prices to be determined.
There will be 10,000 square-feet of commercial space on the ground floor.
Construction is expected to start by early 2006 with occupancy expected within two years.
Alexander & Baldwin Inc. is the state's fourth largest private landowner.
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