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