“While 2011 posed challenges from a real estate sales perspective, we continue to actively build our pipeline of development projects to ensure that we are well positioned for market recovery. For instance, at Waihonua, our 340-unit condominium project ideally situated near the Ala Moana Shopping Center, non-binding pre-sales commenced in December. While still in an early stage, we are pleased by the market’s initial response. Recently, we announced two transactions that reflect our strategy of increasing our Hawaii development focus—the acquisition of a retail development site within the Gateway at Mililani Mauka Shopping Center complex in Central Oahu, and the option to purchase a site in urban Honolulu, zoned for a high-rise condominium,” added Kuriyama.“Progress continues to be made toward our previously announced plan to separate our transportation and real estate/agricultural businesses in the second half of 2012. We remain excited about each new business’ ability to grow and create shareholder value as independent, publicly traded companies,” said Kuriyama.
Alexander & Baldwin, Inc. Reports 2011 Results
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