Alexander & Baldwin Inc. has completed an expected purchase of land in Kakaako from Kamehameha Schools on which it plans to build a condominium tower.
The company announced Monday that the sale closed but did not disclose the purchase price.
A&B has had an option to buy the 3.3-acre parcel since 2012 as the company pursued a plan to develop a condo complex called The Collection on the site that was once home to a CompUSA store at the corner of South Street and Ala Moana Boulevard.
A development permit was approved for the project last year, and A&B said it has sold 76 percent of the 397 tower units. There are also 54 condos in a connected midrise building that sold out earlier this year. Another 14 townhomes are a third piece of the Collection and have yet to be offered for sale.
A&B recently put up a construction barrier around the site and expects work will begin soon and be finished in late 2016.