Officials at A&B Properties, Inc., a subsidiary of Alexander & Baldwin, Inc. (NASDAQ: ALEX), will begin accepting reservations from Kaua‘i residents to purchase house-and-lot packages in their 60-unit, single-family home development at Port Allen, called Keala‘ula.
Up to 37, single-family, home-and-lot packages at Keala‘ula will be released for pre-sale beginning Wednesday, A&B Properties officials said in a press release.
Kaua‘i residents intending to occupy the homes as their primary residences will be given a first opportunity to purchase.
A&B leaders plan to conduct a lottery to determine the home-selection order. Ten of the first 37 homes are reserved for sale to A&B employees who are Kaua‘i residents and first-time home-buyers.
The project includes a variety of three-bedroom, two-bathroom homes on lots that average 6,000 square feet.
Prices for the 37 units in Phase 1A range from $348,000 to $460,000, and include a provision for shared appreciation upon sale, which expires after 10 years.
The lottery packets are available starting March 29, and must be completed and submitted no later than noon on April 12.
To obtain a lottery package, contact Broker in Charge Trinette Kaui at 335-2850, or e-mail her at email@example.com. The lottery will be held April 20, and home selections can be made on April 27.
“A&B Properties is pleased to bring these homes to the local residential market to meet Kaua‘i’s strong demand for resident housing,” said A&B Properties President Robert K. Sasaki.
“We are confident that these homes, close to Port Allen Harbor, will be attractive to Kaua‘i residents.” An adjacent, 75-unit, multi-story condominium development, called Kai ‘Olino, was released in 2005, and the first 48 units are under non-binding contracts.
These projects both are located on a 17-acre parcel overlooking Port Allen Small Boat Harbor, accessible from Waialo Road, adjacent to A&B’s Port Allen Marina Center.
Infrastructure construction at the project site has been ongoing since November. Home construction is set to begin this spring.
Traffic improvements to be made by A&B Properties contractors in the vicinity include the installation of a traffic signal at the intersection of Kaumuali‘i Highway and Waialo Road near Eleele Shopping Center.
Previous A&B residential developments on Kaua‘i since 1980 include more than 450 single-family homes at Eleele Nani I and II, located near Port Allen.
A&B Properties, Inc. (http://www.abprop.com) is the property- development and management subsidiary of Alexander & Baldwin, Inc., a diversified corporation with headquarters in Honolulu.
Officials with A&B own 91,000 acres in Hawai‘i, making them Hawai‘i’s fourth-largest private landowners.
A&B development projects are ongoing in various locations on O‘ahu, Maui, Kaua‘i and the Big Island.
A&B Properties officials also have an income portfolio of commercial properties in Hawai‘i and on the Mainland, consisting of more than five million square feet of retail, office, and industrial space.
The majority of A&B’s recent acquisition and investment activity has been focused on Hawai‘i where, since 1999, A&B Properties has acquired or invested in 25 properties outside its core land holdings on Maui and Kaua‘i.
They are also far into the development phase of Kukui‘ula, a resort and residential community along the Kukui‘ula (Po‘ipu) shoreline.
Alexander & Baldwin, Inc. is a diversified corporation with headquarters in Honolulu. A&B’s major lines of business are ocean transportation (Matson Navigation Company, Inc. and Matson Integrated Logistics, Inc.); real estate (A&B Properties, Inc.); and food products (Hawaiian Commercial & Sugar Company, Kauai Coffee Company, Inc.). Additional information about A&B may be found at its web site, http://www.alexanderbaldwin.com.