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HONOLULU-The Hawaii Community Development Authority has selected the real estate subsidiary of publicly held Alexander & Baldwin Inc. to develop the 36.5-acre Kaka'ako Waterfront project that spans a half-mile of shoreline in Central Honolulu. Total development costs are preliminarily estimated at $650 million to $700 million.

Located about two miles from Downtown, the property sits on the ocean side of Ala Moana Boulevard and has unobstructed ocean and Diamond Head views. Adjacent uses include Ala Moana Beach Park, Kewalo Basin and the recently completed John A. Burns School of Medicine at the University of Hawaii.

Preliminary plans include a 200,000-sf retail development with shops, restaurants and entertainment, according to A&B senior vice president Mike Wright. On an adjacent 7.5-acre parcel, the plan is for 950 residential units in three mid-rise towers, he says. In addition, designs call for 10 acres of shoreline open space including a footbridge over Kewalo Basin to Ala Moana Beach Park and an ampitheater that the development authority envisions as a venue for hula and other Hawaiian performing arts.

All of A&B's plans are preliminary at this point, according to both sides. A&B and HCDA will spend the next few months negotiating the final concepts and financing of the project. The result of the negotiations will be a signed letter of intent. It is estimated that planning and construction plan approvals will take up to two years. Development of both the commercial and residential components is likely to occur in phases.

A&B president and CEO Allen Doane calls the project "a once in a lifetime opportunity" and expressed appreciation for the HCDA's confidence in A&B's ability to achieve the vision for this important site. The project will include an affordable housing component and housing for some 3,000 vehicles.

"We are committed to making this project work for all of the people of Honolulu; we stayed away from the grandiose and the extravagant, and instead designed a project that is scaled to our Hawaiian style of living," says A&B CEO Stan Kuriyama. "Our business plan calls for sharing the economic benefits of the project with the State, effectively creating both a financial and development partnership with HCDA and the community."

A&B was assisted in its development proposal by the Group 70 architectural firm, headed by Francis Oda; planning and financial consultant Sanford Murata; native Hawaiian cultural experts Peter Apo and Vicky Holt Takamine; and retail developer Madison Marquette.

A&B's real estate arm is A&B Properties Inc. A&B owns 90,000 acres in Hawaii, making it the state's fourth largest private landowner. A&B Properties' income portfolio totals about 5.2 million sf of retail, office, and industrial space in Hawaii and on the US mainland.

Instant Insights /

Alexander & Baldwin Picked for $700M Waterfront Project

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