POSTED: 11:59 a.m. HST, Feb 3, 2012
LAST UPDATED: 3:16 p.m. HST, Feb 3, 2012
A&B Properties, Inc., a subsidiary of Alexander & Baldwin, Inc., said today it will buy a property fronting Ala Moana Blvd., where CompUSA used to be, from Kamehameha Schools and build a high-rise condominium.
The property fronts Ala Moana Boulevard and is bordered by Keawe, South and Auahi streets. A&B and Kamehameha Schools said today that the property is entitled for high-rise residential development, but may also include commercial space. A&B said it expects its pre-development efforts to take several years and "will not have any near-term impact on the existing tenants at the property."
The property is currently home to Auto Mart USA, a used car dealership.
A&B said sales at its newest condominium project, Waihonua at Kewalo, between Ala Moana Shopping Center and Ward Centers have been strong.
"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 in a news release. "The opportunity to work with Kamehameha Schools in Kakaako 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."
Paul Kay, Kamehameha's director of commercial development, said: "Kamehameha has long envisioned a 21st century neighborhood (in Kakaako) that brings excitement and comfortable living in an urban setting. For our master plan vision to be realized, we need a proven community developer, and A&B Properties is the perfect choice."