Alexander & Baldwin paid $23M to buy Kakaako lot from Kamehameha Schools

This rendering shows The Collection, A&B Properties' planned 466-unit mixed-use condominium project it plans to build on the former CompUSA site in Honolulu's Kakaako neighborhood.

This rendering shows The Collection, A&B Properties’ planned 466-unit mixed-use condominium project it plans to build on the former CompUSA site in Honolulu’s Kakaako neighborhood.

Alexander & Baldwin Inc.’s real estate subsidiary paid $23 million to Kamehameha Schools to purchase the three-acre former CompUSA lot in Kakaako, the site of the Honolulu-based developer’s 465-unit mixed-use The Collection condominium project, according to public records.

In October, A&B Properties Inc. said it purchased the lot, which is bounded by Ala Moana Boulevard, and Auahi, South and Keawe Streets, from Kamehameha Schools for an undisclosed price.

The $200 million project, which is made up of three residential components — The Tower’s 397 units, The Lofts @ The Collection’s 54 units and 14 urban townhomes — began construction in October at the 600 Ala Moana Blvd. site.

The tower part of the project is more than 75 percent sold, while the lofts sold out within a day. The townhomes are expected to be on the market before the end of the year.

A&B Properties said that Hawaii residents represent 85 percent of buyers to date of the tower and loft components of The Collection.

The project is estimated to be completed in late 2016.

Duane Shimogawa Reporter – Pacific Business News

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