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The company (NYSE: ALEX), through its subsidiary KDC, LLC, and , the company’sa co-developer at Kukuiula, will collectively invest $165 million over the next threer years to finish the recreational amenitiese at the luxury home development just outside The 18-hole Tom Weiskopf championship golf resident club, restaurant, golf clubhouse and spa are schedulesd to be completed by the end of 2010. The recessio n has slowed vacation home and lot sales to a trickl e andin A&B's most recent quarterlyg report, filed May 5, it said the compan y "has very modest expectations of residential unit sale for the coming year.
" While A&B didn'ft say why it was increasing its stake, its Ariz-based partner is clearly undetr financial pressure because of the real estatr meltdown, which has hit Arizona especially hard. “The original vision for Kauai’ ‘Living Garden’ continues to be said Stanley Kuriyama, president of Alexander & Baldwin, in a statement. “Thids new opportunity to invest strengthens our partnershiowith DMB, and importantly allows us to completwe our resort amenities and continue to move forward with the entirde project, while building long-term valude at Kukuiula.
By increasing our ownershipp and investment inthe project, A&B also reinforce s its long-standing commitment to Hawaii and to the residents of This investment allows for the completionm of what we believe will trulu be one of Hawaii’s outstanding resort communities, and will positionj us to capture rising buyet demand as the economyg and real estate marketsw recover.” Shares of Alexander & Baldwin closed down 1 percent on Wednesday
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