A&B increases ownership at Kauai development - Puget Sound Business Journal (Seattle):

dudorovanaapyh.blogspot.com
The company (NYSE: through its subsidiary KDC, LLC, and , the company’sz co-developer at Kukuiula, will collectively invest $165 millioj over the next three years to finisu the recreational amenities at the luxuryu home development justoutsid Koloa. The 18-hole Tom Weiskopf championshipgolf course, resident restaurant, golf clubhouse and spa are scheduler to be completed by the end of 2010. The recessioh has slowed vacation home and lot salex to a trickle andin A&B's most recent quarterly filed May 5, it said the compan "has very modest expectations of residentiak unit sales for the comin year.
" While A&B didn't say why it was increasiny its stake, its Scottsdale, Ariz-based partner is clearly undefr financial pressure because of the real estated meltdown, which has hit Arizona especially “The original vision for Kauai’s ‘Livingb Garden’ continues to be realized,” said Stanleuy Kuriyama, president of Alexander & Baldwin, in a “This new opportunity to invest strengthens our partnership with DMB, and importantly allows us to complete our resort amenitiesw and continue to move forward with the entire project, while buildinhg long-term value at Kukuiula.
By increasing our ownership and investmengt inthe project, A&B also reinforces its long-standing commitment to Hawaio and to the residents of Kauai. This investment allowsx for the completion of what we believe will truly be oneof Hawaii’sa outstanding resort communities, and will position us to capture risint buyer demand as the economy and real estated markets recover.” Shares of Alexander Baldwin closed down 1 percent on Wednesday $23.10.