A&B Receives Approval for Phase II Development of Key Maui Industrial Park
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A&B Properties, Inc., the real estate subsidiary of Alexander & Baldwin,
Inc. (NASDAQ:ALEX), has received final zoning approval for its planned
179-acre Maui Business Park-Phase II project in Kahului, Maui. Maui
Mayor Charmaine Tavares signed an ordinance May 2, passed by the Maui
County Council on April 18, rezoning the property to Light Industrial.
Project construction is expected to begin in late 2010, with sales
commencing upon completion of subdivision improvements.
"We are very pleased to receive the zoning
designation that allows this project to proceed, as it represents an
important milestone for Maui and for the company,”
said Stan Kuriyama, A&B Properties chief executive officer. "For
A&B, this project represents a cornerstone of our real estate
development plans for Maui. It occupies a strategic location in the
heart of Maui’s commercial center, in close
proximity to the harbor and airport, and complements well our on-going
and long-term plans for new primary housing in the Kahului region for
local residents. Maui Business Park is also important for the Maui
community and its economic future, as this project will provide a source
of commercial opportunities, and jobs, for many years to come.”
A&B will be the master developer for the project and will use energy
efficient building design and recycling programs, and will develop a
non-potable water system for the project’s
irrigation needs. Initial subdivision plans are underway. Development
and sales expected to be completed over a 15-year period.
As part of its commitment to the community and to the project, A&B will
make several land contributions near the project to the County: 40 acres
for affordable housing purposes; seven acres for a community center; and
three acres for a park. In addition, A&B will contribute at least 20
acres for one or more wastewater treatment plants, and, at the outset of
the project, build a new bypass road to relieve traffic congestion on a
major thoroughfare in the area (Dairy Road).
A&B Properties is Hawaii’s fourth largest
private landowner; its diverse pipeline of projects is located on some
of the 89,000 acres it owns in Hawaii, or on lands more recently
acquired or being developed in joint ventures with third parties,
including projects on Oahu, Maui, Kauai, the Big Island and in
California. In addition to development projects, its commercial
property/investment portfolio now comprises 7.6 million square feet of
retail, office and industrial space located in Hawaii (25 properties)
and eight mainland states (23 properties). Additional information may be
found at web site: www.abprop.com
Alexander & Baldwin, Inc., headquartered in Honolulu, Hawaii is engaged
in ocean transportation and logistics services, through its
subsidiaries, Matson Navigation Company, Inc. and Matson Integrated
Logistics, Inc.; in real estate, through A&B Properties, Inc.; and in
food products, through Hawaiian Commercial & Sugar Company and Kauai
Coffee Company, Inc. Additional information about A&B may be found at
its web site: www.alexanderbaldwin.com.
Statements in this press release that are not historical facts are "forward-looking
statements,” within the meaning of the
Private Securities Litigation Reform Act of 1995, that involve a number
of risks and uncertainties that could cause actual results to differ
materially from those contemplated by the relevant forward-looking
statement. Factors that could cause actual results to differ
materially from those contemplated in the statements include, without
limitation, overall economic conditions, failure to satisfy the closing
conditions set forth in the definitive agreement and other risks
associated generally with acquisitions and developments. These
forward-looking statements are not guarantees of future performance. This
release should be read in conjunction with our Annual Report on Form
10-K and our other filings with the SEC through the date of this
release, which identify important factors that could affect the
forward-looking statements in this release.
