Aug 19, 2013, 12:36pm HST Updated: Aug 19, 2013, 5:18pm HST
Duane Shimogawa Reporter- Pacific Business News
About 60 percent of the units in The Collection were snapped up during an opening sales weekend that had people lined up before dawn for first crack at the 397 apartments in A&B Properties’ 43-story condominium project in Kakaako.
Prospective buyers were out in full force on Friday morning, with the first people taking their place in line starting at 4:49 a.m., and 13 people behind them about an hour later.
“It was very busy and we’re certainly pleased with the activity,” A&B Properties Senior Vice President of Development Rick Stack told PBN. “We still have a lot of good units available. We’ve still got a ways to go.”
Sales for the $200 million project, to be developed on the former CompUSA site, began at 9 a.m. this past Saturday at 680 Ala Moana Blvd.
The office is now open daily from 10 a.m. to 6 p.m.
Stack says that from listening to the crowd, it seems like it’s mostly local buyers, which is what A&B Properties, a subsidiary of Honolulu-based Alexander & Baldwin Inc. (NYSE: ALEX), wanted to see.
Buyers have 30 days to back out of the purchase, so if they decide that they don’t want to move forward with the process, they can cancel the contract, Stack said.
The Collection includes a high-rise tower, a mid-rise building, town homes, as well as retail shops and restaurants.
Prices for the tower, which will have 397 units, range from $300,000 to $700,000 for a unit.
Sales for the town homes and mid-rise projects are expected to start later this year, Stack said.
The Collection is expected to take up to 30 months to build, with the estimated construction start date at least a year away.