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HONOLULU-The real estate subsidiary of publicly traded Alexander & Baldwin Inc. is nearing the start of its third residential tower on Oahu. The locally headquartered company says is received approvals today from the Hawaii Community Development Authority for a 42-story, 352-unit building named Keola La’i (tranquil lifestyle). The project will be located near Downtown Honolulu at the corner of South and Queen streets. A&B Properties acquired the 2.5-acre property this time last year. Surrounding properties include the Advertiser Building, Kamehameha School’s Kawaiahao Plaza headquarters, a Gold’s Gym and the office headquarters and museum for the Honolulu Fire Department, which is currently under construction. Keola La’i will include 71 one-bedroom units, 244 two-bedroom units and 40 three-bedroom units on 37 floors atop five floors of parking. Construction is expected to start by early 2006 with occupancy expected within two years. The first 85 units in the project will be released for presale later this month. At least half of those units will be reserved for sale to owner-occupants. One-bedroom units will average 675 sf in size, and prices will begin at $340,000. Two-bedroom units will average 1,000 sf, with prices beginning at $445,000. Three-bedroom units average 1,400 sf in size, and prices will begin at $695,000. A&B has constructed a sales office and model unit in the Waterhouse building on Queen Street, adjacent to the project site.Coldwell Banker Pacific Properties has been hired as the project broker. Reserved housing units required by HCDA rules will also be provided within the project, at prices to be determined. The project also includes 10,000 sf of commercial space on the ground floor. The space will be marketed to retailers, service providers and other businesses. A&B’s two other Oahu residential developments are Lanikea and Hokua are completely sold out. Lanikea is a 100-unit project that is the first high rise to be built in Waikiki in over a decade. Construction will be completed this month and the first closings have already occurred. Hokua is a 247-unit luxury condominium project being built in a partnership with the MacNaughton and Kobayashi Groups and is scheduled for completion late this year.An A&B executive was not immediately available Thursday for additional comment. A&B owns 91,000 acres in Hawaii, making it the state’s fourth largest private landowner. Its A&B Properties subsidiary has an income portfolio of commercial properties in Hawaii and on the US mainland consisting of more than 5.2 million sf, including retail, office, and industrial space.

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