Boston, MA 10/07/2014 (wallstreetpr) – Alexander & Baldwin Inc (NYSE:ALEX) and its subsidiary A&B Properties, Inc. completed the land acquisition process to set up Kamehameha Schools’ “The Collection” condominium project. Accordingly, the company said that the construction will begin very soon and likely to complete the construction process by the end of 2016.
The Collection
The project located on a 3.3 acres land at the former-CompUSA site in Kaka’ako. The site surrounded with Auahi, South and Keawe Streets and Ala Moana Boulevard. The project intends to provide a community for local people of Hawaii with residential living, retail shops and restaurants, as said by Christopher Benjamin, Chief Operating Officer, A&B Properties.
The Collection comprises of three residential components in a single urban block situated at 600 Ala Moana Boulevard.
The initial phase include The Tower, a 43-story high-rise that comprises of 397 units including two and three bedroom homes and having the price of low-$600,000s. Since the opening, 76% of the apartments already sold.
The second development phase (The Lofts @ The Collection) will include 54 condominium residences, four-story, mid-sized building with price range of mid-$300,000s. The pre-sales process opened in August 23, 2014 and sold out the entire homes within a day.
The final phase of The Collection consists of 14 unique urban townhomes. Alexander & Baldwin Inc (NYSE:ALEX) will announce the sales process in the near future.
Besides the residential components, The Collection also has 13,000 square feet of commercial space for the development of shops and restaurant.
Conclusion
A&B Properties has diversified the portfolio of real estate including residential and commercial properties across Hawaii and the U.S. Mainland. Alexander & Baldwin Inc (NYSE:ALEX) is the fourth largest land owner of Hawaii and currently holding 89,000 acres of properties across Maui and Kauai Island. The addition of the condominium project “The Collection” will further increase the portfolio strength in one of growing real estate state.
