A&B Properties, Inc., a subsidiary of Alexander & Baldwin, Inc. (ALEX), said that it has executed an option agreement to purchase a development block in Kaka'ako from Kamehameha Schools, on which A&B will initiate planning for the future development of a residential condominium tower.
The property is located within Kamehameha Schools' 29-acre Kaiaulu 'o Kaka'ako master plan will offer a diverse community to live and work in.
A&B expects its pre-development efforts will take several years and will not have any near-term impact on the existing tenants at the property.
Additionally, Kamehameha is finalizing design for a village center which will serve as a venue for locally-owned specialty shops and boutiques, entertainment, dining and community gathering. Construction on the center is expected to begin in 2013.
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