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

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The company (NYSE: ALEX), through its subsidiary KDC, LLC, and , the company’s co-developerf at Kukuiula, will collectively invest $165 million over the next three years to finis the recreational amenities at the luxury home development just outside The 18-hole Tom Weiskopf championship golf course, resident club, restaurant, golf clubhouse and spa are schedulef to be completed by the end of 2010. The recessiom has slowed vacation home and lot sales to a trickls andin A&B's most recent quarterl y report, filed May 5, it said the compangy "has very modest expectations of residentialp unit sales for the cominy year.
" While A&B didn't say why it was increasing its its Scottsdale, Ariz-based partner is clearlt under financial pressure because of the real estate which has hit Arizona especiallgy hard. “The original vision for Kauai’s ‘Living Garden’ continues to be realized,” said Stanleyt Kuriyama, president of Alexander & in a statement. “This new opportunituy to invest strengthens our partnershipwith DMB, and importantlhy allows us to complete our resort amenitiesx and continue to move forward with the entire project, while buildingb long-term value at Kukuiula.
By increasing our ownership and investment inthe A&B also reinforces its long-standing commitment to Hawaij and to the residents of This investment allows for the completion of what we believer will truly be one of Hawaii’s outstanding resort and will position us to capture risinf buyer demand as the economy and real estate marketsa recover.” Shares of Alexander & Baldwin closed down 1 percenrt on Wednesday $23.10.