HONOLULU, April 9, 2013 /PRNewswire/ -- A&B Properties,
Inc., a wholly owned real estate subsidiary of
Alexander & Baldwin, Inc. (NYSE: ALEX) (A&B), and
landowner Kamehameha Schools today announced that they are
unveiling plans for a new, innovative residential community at 600
Ala Moana Boulevard called The Collection. The community, to be
developed by A&B Properties subsidiary The Collection LLC, is
planned to include a high-rise tower, a mid-rise building and town
homes, as well as retail shops and restaurants. Condominium sales
for the high-rise are scheduled to begin this summer. The project
is designed for the local market, with prices in the high-rise
tower starting in the high $300,000s
for one-bedroom units, mid $500,000s
for two-bedroom units, and mid $700,000s for three-bedroom units.
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Offering a wide selection of well-priced units, The Collection
provides housing solutions for individuals, couples and families
interested in living within one of urban Honolulu's most exciting new mixed-use
neighborhoods. It is located at Keawe and South Streets, formerly
the location of Comp USA and also
known as "Block E" of the Kamehameha Schools' "Our Kaka'ako" master
plan. A&B holds an option to acquire the site from Kamehameha
Schools.
The 43-story high-rise tower is designed to include
approximately 400 modern, one-, two- and three-bedroom residences,
most with beautiful ocean views in either the Diamond Head or 'ewa
directions. The four-story mid-rise contemplates approximately 50
flats—primarily studios and a select number of one- and two-bedroom
residences. The 16 innovative, two- and three-bedroom town home
residences proposed for the project feature individual garages to
maintain owner privacy, giving the feel of single-family
living.
The three distinct residential products comprising The
Collection are currently designed to provide gathering and
entertainment areas for residents within their individual
buildings. High-rise residents also will enjoy a pool, outdoor
lounge, fitness center, clubroom, and private dog park within the
tower.
"A&B Properties is excited to expand its role in the rapid
transformation of Kaka'ako with this newest redevelopment project,
The Collection—an entire community within an urban neighborhood,"
said Chris Benjamin, A&B
president & chief operating officer. "The homes are
specifically designed and priced to appeal to a range of local
buyers, creating a true neighborhood in the heart of Honolulu."
The Collection's central location in Kaka'ako, between
South Street and Ward Avenue, and proximity to a small, active hui
of entrepreneurs, chefs, artists and innovators who share a strong
sense of community and are helping author Kaka'ako's future, make
it an attractive choice for buyers.
Kaka'ako currently is well into its transformation, offering
monthly evening events, such as the popular "Eat the Street" lunch
wagon gathering and the Honolulu Night Market. Already, many
progressive local eateries such as The Whole Ox Butcher & Deli,
permanent pop-up restaurant location Taste, Insomnia Cafe, and
Hank's Haute Dogs draw many residents to the area. R/D, 808
Urban, ii Gallery and Paiko flower shop spotlight many of Hawai'i's
local artists and entrepreneurs who have established themselves in
this neighborhood.
The Collection offers shopping and dining options with its
planned ground floor retail spaces, and also will be just a short
distance from nearby Restaurant Row, Ward
Centers, and Ala Moana Center, as well as Kamehameha
Schools' planned retail village, Salt.
"Kamehameha Schools has been busily revitalizing this important
area as part of the Our Kaka'ako 15-year master plan, and we are
enjoying witnessing its transformation into a place of creativity,
innovation and community," said Paul
Kay, director of real estate development at Kamehameha
Schools. "A&B Properties' newest offering, The Collection, is a
wonderful addition to our neighborhood as it will further our
vision of creating an urban-island community that is within reach
for many Hawai'i residents." For more information on Kamehameha
Schools Kaka'ako master plan and a list of events, retailers and
restaurants, visit www.OurKakaako.com.
"Kaka'ako is becoming Honolulu's new compact and complete urban
neighborhood, where residents can enjoy home-grown, creative
shopping, eating and entertainment options, surrounded by great
neighbors in a walk-to-work community," added A&B's Benjamin.
"With the introduction of The Collection, Our Kaka'ako is
solidifying its position as Honolulu's urban hub, evoking neighborhoods
such as Seattle's Capitol Hill,
Portland's Pearl District and
San Francisco's Mission
District."
A&B Properties expects to engage its Waihonua at Kewalo
project team to ensure a high-quality, island lifestyle design with
an added focus on contemporary features and state-of-the art
technologies. A key focus includes blending the residential areas
into the existing community for seamless unity. In addition to
dedicated amenities and retail spaces within The Collection, the
project will leverage the surrounding Kaka'ako retail and dining
options, and will explore ways to welcome artists and food
purveyors into the project on a rotating basis. Architects are
Design Partners Incorporated of Honolulu and Pappageorge Haymes, based in
Chicago. Philpotts Interiors
returns to add a fun and contemporary island flair to the interior
finishes.
The high-rise tower residences will be the first product offered
to buyers, with an estimated sales date of summer 2013. Sales of
the mid-rise and town homes will be offered individually and
incrementally at a later date. Heyer & Associates is the
exclusive broker, and will cooperate with qualified brokers.
Plans for and any offering of The Collection are subject to
approval by the Hawaii Community Development Authority and filing
of required federal and state condominium registration
documents.
For more information and regular updates on The Collection,
register online at
www.TheCollectionHonolulu.com.
About A & B Properties
A&B Properties is the real estate subsidiary of Alexander
& Baldwin, Inc., Hawai'i's fourth largest private landowner,
holding over 87,000 acres primarily on the islands of Maui and Kaua'i. A&B Properties' diverse real
estate holdings include projects on Oahu, Maui,
Kaua'i, the Big Island and in
California and a commercial
property/investment portfolio comprising eight million square feet
of retail, office and industrial space comprising 45 properties
located in Hawai'i and eight mainland states. Additional
information may be found at A&B Properties' web site,
www.abprop.com
About Alexander & Baldwin
Alexander & Baldwin, Inc. is a premier Hawaii land company, with interests in real
estate development, commercial real estate and agriculture. With
ownership of over 87,000 acres in Hawaii, A&B is the State's fourth largest
private landowner, and is one of the state's most active real
estate investors. A&B has a diverse portfolio of real estate
development projects throughout Hawaii, and a commercial property portfolio
comprising eight million square feet of leasable space in
Hawaii and on the U.S. Mainland.
It is also the owner and operator of the Hawaiian Commercial &
Sugar plantation on Maui, and a
significant provider of renewable energy on the islands of
Maui and Kauai. Additional information about A&B
may be found at www.alexanderbaldwin.com.
About Our Kaka'ako
Our Kaka'ako is a mixed-use, urban-island community by
Kamehameha Schools on nine contiguous city blocks in the heart of
Honolulu, between South Street and
Ward Avenue. The community, which is currently in the
beginning stages of a multiyear redevelopment, will contain a
mixture of low-rise and high-rise structures, a range of housing
types, open spaces, a central gathering place, and a neighborhood
supportive of commercial and industrial uses. Part of the vision
for Our Kaka'ako is that it will continue to grow as a progressive
catalyst for innovation and become the epicenter of urban-island
culture, and the lifestyle that it represents. To learn more,
please visit www.OurKakaako.com.
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 over
6,900 students of Hawaiian ancestry at K-12 campuses on O`ahu,
Maui and Hawai`i and 30 preschool
sites statewide. Over 40,400 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. Income generated
from its Hawai`i real estate, as well as diverse investments, fund
the Schools' educational mission almost entirely. For more
information, please visit www.ksbe.edu.
Forward-Looking Statements
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 pages 18-28 of the Alexander & Baldwin, Inc.'s
registration statement on Form 10-K and 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.
Contact:
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Contact:
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Suzy P.
Hollinger
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Erin
Kinney
|
Alexander
& Baldwin, Inc.
|
Kamehameha
Schools
|
808.525.8422
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808.534.8507
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shollinger@abinc.com
|
erkinney@ksbe.edu
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SOURCE Alexander & Baldwin, Inc.