Alexander & Baldwin taps Honolulu firm to handle leasing for ‘The Collection’

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 subsidiary has tapped Honolulu-based Beall Corp. to lease out the ground floor commercial spaces of its 465-unit The Collection mixed-use project in Kakaako, Beall Corp. confirmed to PBN this week.

The Collection, which is next to Kamehameha Schools’ Salt at “Our Kakaako” 85,000-square-foot restaurant and retail complex, has ground floor commercial space totaling 12,022 square feet.

Beall Corp. said that with eight planned new high-rises within a half-mile radius and three currently under construction, retailers will have access to a captive audience of local residents and visitors.

Located at 600 Ala Moana Blvd. on the site of the former CompUSA store, The Collection consists of a 43-story condominium with 397 units, a four-story building that houses 54 loft-style units and 14 three-bedroom townhomes.

Construction on Honolulu-based A&B Properties Inc.’s $200 million project began about a year ago, and is scheduled to be completed by late 2016.

Duane Shimogawa
Reporter
Pacific Business News

Alexander & Baldwin says The Collection condo project in Honolulu is nearly sold out

COURTESY IMAGE Honolulu real estate company Alexander & Baldwin Inc. announced plans to develop the former CompUSA site on Ala Moana Boulevard into a condo tower complex called The Collection, which will also include retail shops and restaurants. It's one of three development projects on Kamehameha Schools Our Kakaako master plan. A third project will to be announced Friday.

COURTESY IMAGE
Honolulu real estate company Alexander & Baldwin Inc. announced plans to develop the former CompUSA site on Ala Moana Boulevard into a condo tower complex called The Collection, which will also include retail shops and restaurants. It’s one of three development projects on Kamehameha Schools Our Kakaako master plan. A third project will to be announced Friday.

Alexander & Baldwin is reporting that most of the units in The Collection residential condominium tower and mid-rise building, now being built on the site of the former CompUSA store in Honolulu, have been sold.

The Honolulu-based company, in its earnings report released on Thursday, noted that about 98 percent of the project’s 451 tower and mid-rise units “have been sold under binding contracts.”

The 43-story condominium project, located at 600 Ala Moana Blvd. in Kakaako, includes 397 one-, two-, and three-bedroom units that are adjacent to a 4-story building that houses 54 loft-style studios, two-bedroom and three-bedroom units.

Construction on the $200 million project began in October, when Alexander & Baldwin closed on the purchase of the three-acre site from Kamehameha Schools, and is slated to be complete by late 2016.

Meanwhile, sales for the project’s 14 three-bedroom townhomes along South and Auahi streets began last month.

Darin Moriki
Reporter
Pacific Business News

Alexander & Baldwin’s $200M The Collection Kakaako condo project 94% sold

Alexander & Baldwin Inc.’s The Collection condominium project in the Honolulu neighborhood of Kakaako is 94 percent sold, the Honolulu-based company said Thursday in its first quarter earnings report.

The $200 million project, which started construction in October at the former CompUSA lot, includes a 397-unit high-rise tower, a 54-unit mid-rise building, 14 town homes and retails shops and restaurants on the block bounded by Ala Moana Boulevard, Auahi, South and Keawe Streets.

Honolulu-based Alexander & Baldwin (NYSE: ALEX) bought the land beneath the project from Kamehameha Schools for $23 million. The project is estimated to be completed in late 2016.

On Thursday, A&B reported a profit of $25.3 million in the first quarter, down from a profit of $35 million in the same quarter last year.

Revenue for the first quarter was $150.7 million, compared to $94.8 million in the first quarter last year.

Duane Shimogawa
Pacific Business News

Alexander & Baldwin buys land at its planned The Collection condominium in Kakaako

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 subsidiary has acquired the three acre former CompUSA lot in Kakaako from Kamehameha Schools that it will use to develop its 466-unit mixed-use The Collection condominium project. Construction is scheduled to start soon and estimated to be completed in late 2016.

Terms of the deal were not disclosed.

Located at 600 Ala Moana Blvd., the $200 million project is made up of three residential components.

The Tower, which is currently 76 percent sold, and includes 397 units in a 43-story building, is the project’s initial component.

The second phase is The Lofts @ The Collection, which consists of 54 condo residences within a four-story mid-rise building, and sold out in less than a day.

Plans for the final phase of The Collection, 14 urban townhomes, will be announced at a later date.

The Collection, which is bounded by Ala Moana Boulevard, and Auahi, South and Keawe Streets, also has 13,000-square-feet of commercial space planned for shops and restaurants.

Duane Shimogawa Reporter – Pacific Business News

Alexander & Baldwin’s Lofts @ The Collection in Honolulu sell out over the weekend

the-collection-artist-rendering-with-the-lofts-callout-600xx1867-2800-267-0Homebuyers looking to score a loft at Alexander & Baldwin’s Honolulu condominium project The Collection in Kakaako waited in lines for hours over the weekend to pay at least $349,000 for a studio, the developer said Monday.

In all, 54 owner-occupied lofts sold, including 48 studios, priced between $349,000 and $370,000, to six two-bedroom, two-bathroom lofts priced from $540,000 to $580,000.

The first potential buyer arrived at the sales office at 1:30 a.m. on Friday, said Lynn Kenton, a spokeswoman for the project.

Officials gave out 20 place-saving tokens by Friday evening, and 60 total, before sales began at 9 a.m. on Saturday.

“Some people were there for themselves, and there were some who had it all planned and took shifts,” Kenton said. “And there may have been other people representing the person who wanted to purchase.”

This Lofts @ The Collection is the second phase of A&B’s The Collection, which will consist of a tower with two-and-three-bedroom condos, as well as a third phase made up of townhouses.

The $200 million, 397-unit project is located at the former CompUSA site at Ala Moana Boulevard and Auahi, South and Keawe streets.

Bill Cresenzo Reporter – Pacific Business News

Castle & Cooke to develop condo project in Kakaako on Kamehameha Schools land

Dec 6, 2013, 2:25pm HST UPDATED: Dec 6, 2013, 2:40pm HST

Duane Shimogawa Reporter – Pacific Business News

Castle & Cooke Inc. will join Hawaii developers such as Alexander & Baldwin Inc. and Stanford Carr Development in developing a residential condominium project in Kakaako as part of landowner Kamehameha Schools’ “Our Kakaako” master plan.

Anthony Ching, executive director of the Hawaii Community Development Authority, the state agency charged with redeveloping Kakaako, confirmed to PBN that Castle & Cooke would build reserved housing units along Keawe Street between Pohukaina and Auahi streets, Diamond Head of Waterfront Towers.

Castle & Cooke, which is best known for building single-family residential projects, such as Mililani and the recently approved 3,500-home Koa Ridge project, both in Central Oahu, would be stepping into somewhat unchartered waters with this condo project.

“Castle & Cooke being interested shouldn’t be surprising,” Ching said. “Everyone needs to produce inventory to sell. You have to put stuff in the pipeline.”

He also pointed out that the demand for housing is at a fever pitch and that more inventory is greatly needed.

“Urban Honolulu is going to be an attractive area,” Ching said. “Many of our local developers are not into luxury, maybe mid-market or low market.”

The parcel currently has several businesses on it, including Volcanic Rock Gym.

Kamehameha Schools recently presented the plan to the Ala Moana/Kakaako Neighborhood Board.

Larry Hurst, chairman of the board, told PBN that the planned project isn’t a high-rise, and instead consists of six stories.

“It’s a good thing,” he said. “They’re looking for a variance on their parking structure.”

Kamehameha Schools did not immediately responded to a request for comment by PBN.

But Bruce Barrett, executive vice president of Castle & Cooke Homes Hawaii, told PBN that the developer is in discussions with Kamehameha Schools for the Keawe Street project.

“Discussions are ongoing and we expect to be able to make a formal announcement within the next 60 days,” he said in an email statement to PBN.

The Kamehameha Schools’ Kakaako master plan, which includes nearly 30 acres and nine full-block parcels with 2,750 residential units and commercial space, is beginning to take shape.

In September, PBN first reported that MK Development, a joint venture of well-known Hawaii developers the Kobayashi Group and The MacNaughton Group, is purchasing six acres in Kakaako to develop two luxury mixed-use housing projects totaling about 500 units.

A&B plan for remains found at Kakaako condo site took more than three years

Aug 23, 2013, 2:55pm HST

Duane Shimogawa  |  Reporter- Pacific Business News

Alexander & Baldwin Inc. spent more than three years addressing the discovery of ancient human remains, or iwi, at the site of its Waihonua at Kewalo condominium project in Kakaako, according to Chairman and CEO Stanley Kuriyama.

Alexander & Baldwin Inc. spent more than three years addressing the discovery of ancient human remains, or iwi, at the site of its Waihonua at Kewalo condominium project, Chairman and CEO Stanley Kuriyama told PBN.

Alexander & Baldwin Inc. spent more than three years addressing the discovery of ancient human remains, or iwi, at the site of its Waihonua at Kewalo condominium project, Chairman and CEO Stanley Kuriyama told PBN.

Kuriyama told PBN on Thursday that A&B worked with the Oahu Island Burial Council, the state Historic Preservation Division and others to get the situation worked out at the site of the sold-out 43-story, 340-unit project, which has already been built up to the seventh floor.

Remains were found at the site, which is on Waimanu Street across from Ala Moana Center and next to the Hawaiki Tower, which houses KHON-TV.

Honolulu-based A&B said in its second quarter earnings report released earlier this month that 337 units at Waihonua were under binding contracts.

The first units are scheduled to completed by the first quarter of 2015.

Meantime, sales have been strong for another A&B Kakaako condo project, The Collection, where 271 of the 397 units, or about 70 percent of the 43-story tower, have been sold.

Sales for this $200 million project, located at the former CompUSA site, began about a week ago.

Buyers lining up in Honolulu to buy condos at A&B’s The Collection

Aug 16, 2013, 2:49pm HST
Duane Shimogawa  |  Reporter- Pacific Business News

A&B Properties Inc.’s newest residential project in the Honolulu neighborhood of Kakaako, called “The Collection,” will begin the sales process on Saturday at its newly opened sales gallery at 680 Ala Moana Blvd.

Sales for A&B Properties' Kakaako condominium project called The Collection start on Saturday.

Sales for A&B Properties’ Kakaako condominium project called The Collection start on Saturday.

Many prospective buyers already began lining up on Friday to get their hands on a unit or two in the 43-story, 460-unit project, which received approval from the Hawaii Community Development Authority last week.

The Collection, a $200 million project to be developed on the former CompUSA site, will include a high-rise tower, a mid-rise building and town homes, as well as retail shops and restaurants.

Prices in the high-rise tower, which will include 397 residences, start in the high $300,000s for one-bedroom units, mid $500,000s for two-bedroom units and mid $700,000s for three-bedroom units.

Amenities will include a pool, outdoor lounge, fitness center, club room and a private dog park within the tower.

A&B Properties, a subsidiary of Alexander & Baldwin Inc. (NYSE: ALEX), plans to use the same development team as it utilized for its sold-out Waihonua high-rise project, which is currently under construction on Waimanu Street.

The team includes Architects Pappageorge Haymes Partners and Design Partners, as well as interior design firm Philpotts Interiors and Heyer & Associates as its exclusive broker.

The sales gallery will open from 9 a.m. to 5 p.m. on Saturday and will be open daily after that from 10 a.m. to 6 p.m.

Construction on The Collection is expected to take up to 30 months to complete with the estimated start date at least a year away.

Company Disclaimer: Information is deemed reliable but not guaranteed.