Alexander & Baldwin Inc. has bought an undeveloped Kakaako property approved long ago for a high-rise condominium. The company, through its real estate development affiliate A&B Properties Inc., bought the site adjacent to the existing luxury Hawaiki and Ko‘olani condo towers for an undisclosed price.

The seller was K2 Investors LLC, an affiliate of California-based development firm Woodridge Capital LLC that planned a 400-foot luxury residential tower.

A&B also acquired a smaller nearby site previously envisioned by K2 for an eight-story residential building.