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KAHULUI, HI-A&B Properties Inc., the real estate subsidiary of publicly held Alexander & Baldwin Inc., has received final zoning approval for its planned 179-acre Maui Business Park-Phase II project in Kahului, Maui. A&B expects to begin construction in late 2010, with sales commencing upon completion of subdivision improvements.

Stan Kuriyama, A&B Properties chief executive officer, calls the business park “a cornerstone of our real estate development plans for Maui.” Kuriyama describes the site of the project as “a strategic location in the heart of Maui’s commercial center, in close proximity to the harbor and airport.” He says that it complements the company’s long-term plans for new housing in the Kahului region for local residents.

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 under way, with development and sales expected to be completed over a 15-year period.

As part of the project, A&B will make several land contributions near the project to the county: 40 acres for affordable housing; 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, will build a new bypass road to relieve traffic congestion on Dairy Road, which is a major thoroughfare in the area.

A&B Properties is Hawaii’s fourth-largest private landowner, with a pipeline of projects 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. These include pojects on Oahu, Maui, Kauai, the Big Island and in California.

In addition to development projects, its commercial property and investment portfolio now comprises 7.6 million sf of retail, office and industrial space in Hawaii. These include 25 properties in Hawaii and 23 properties in eight mainland states.

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