Alexander & Baldwin Sells Luxury Condominiums at The Collection in Honolulu
- May 12, 2015
Alexander & Baldwin Inc.’s The Collection condominium project, currently under construction in the city’s Kakaako neighborhood, has pre-sold 94 percent of its units. Most of the new residences have been purchased by local buyers, the Honolulu-based company announced.
Upon completion in late 2016, the $200 million multi-phase development will produce a 43-story high-rise with 397 two- and three-bedroom luxury condos priced from the low $600,000s. Amenities will include a swimming pool, a spa, barbecue dining pavilions, a fitness center and entertainment rooms.
Plans also call for a mid-rise building with 54 condominiums called The Lofts @ The Collection. These units, priced from the mid-$300,000s, sold out in less than one day last August. Another component of The Collection will bring 14 urban townhomes, as well as 13,000 square feet of commercial space for shops and restaurants.
Construction on the project, which is rising on the former CompUSA site at 600 Ala Moana Blvd., began last October. That same month, according to the Pacific Business News, Alexander & Baldwin’s real estate subsidiary paid $23 million to acquire the 3.3-acre parcel from Kamehameha Schools.
A&B is one of the largest landowners in Hawaii, with a 144-year history in the islands. Its other high-rise condominium developments in Honolulu include Keola Lai, which opened in 2008, and the recently completed 340-unit Waihonua at Kewalo, which sold out in January.
In its first quarter earnings report for 2015, the company announced a profit of $25.3 million, down from a profit of $35 million in the same quarter last year. Meanwhile, revenue for first quarter 2015 was $150.7 million, up from $94.8 million in the first quarter of last year.
Photo credit: A&B Properties