Select an option below to continue reading this premium story.
Already a Honolulu Star-Advertiser subscriber? Log in now to continue reading.
Alexander & Baldwin Inc. has accelerated plans to build a second condominium tower in Kakaako after strong results from its Waihonua at Kewalo high-rise project now under construction.
The Honolulu-based company announced its plan Tuesday in conjunction with reporting 2012 income, and said it anticipates marketing units for sale later this year for the tower on the site of a former CompUSA store at the corner of South Street and Ala Moana Boulevard.
"There is no doubt that demand for urban Honolulu (housing) is very strong," Chris Benjamin, A&B’s president and chief operating officer, said in a conference call with stock analysts.
A&B said it has collected $31 million in nonrefundable deposits on 280 binding sales contracts for 341 units at Waihonua, which is near the corner of Waimanu and Piikoi streets between Ward Centers and Ala Moana Center.
Strong results also have been achieved at a planned condo tower on top of the Nordstrom parking structure at Ala Moana Center in which A&B has invested $20 million. All 206 units have been sold at the project called One Ala Moana.
Sales activity at Waihonua and One Ala Moana led A&B to advance its timetable for developing the former CompUSA site, which is now leased to used-car dealership Auto Mart USA.
A&B announced a year ago that it acquired an option to buy the site from Kamehameha Schools, but said construction likely wouldn’t happen until after Waihonua was completed. Waihonua is on pace to be finished in 2015.
On Tuesday, A&B didn’t give a construction timetable for the CompUSA tower, but said that it typically moves ahead with construction after half the units are reserved by buyers.
