A new upscale condominium tower is slated to sprout between the Hawaiki and Ko‘olani high-rises in Kakaako under a plan being advanced by local development firm Alexander & Baldwin Inc.

A&B, which bought the site for $16 million last year and said in May it intended to begin sales by the end of the year, unveiled a rendering of the 43-story building Tuesday.

The tower, named Waihonua, is designed to have 345 units.

A&B said prices will range from $400,000 for one-bedroom units with 645 square feet of living space to $720,000 for three-bedroom units with 1,225 square feet of living space. There also will be seven penthouses, for which A&B did not disclose prices.

The developer said Waihonua should benefit from an expected upward trend in demand for primary housing in urban Honolulu over the next year or so.

Sales reservations are expected to start by the end of the year. Construction is anticipated to begin by the end of next year, followed two years later by completion.