A&B Properties, Inc., a subsidiary of Alexander & Baldwin, Inc. (A&B) announces it has executed an option agreement to purchase a development block in Kaka'ako from Kamehameha Schools, on which A&B will initiate planning for the future development of a residential condominium tower.

The property fronts Ala Moana Boulevard and is bordered by Keawe, South and Auahi streets. The site, formerly home to Comp USA, is adjacent to Kamehameha's recently announced 60,000 square-foot specialty retail and village center, and would benefit from Kamehameha's planned street-level improvements along Keawe Street. The property is entitled for high rise residential development, but may also include commercial space for businesses to serve the neighborhood. A&B expects its pre-development efforts will take several years and will not have any near-term impact on the existing tenants at the property.