Hawaiian Dredging & Construction Company has signed a letter of intent to buy the historic News Building on the corner of Kapiolani Boulevard and South Street in Kakaako as a potential new headquarters. Hawaiian Dredging is the general contractor for the condominium project 801 South Street which is being developed by Downtown Capital LLC. Downtown Capital bought the 3.7-acre property last year for $22 million from former Advertiser owner Gannett Company. The developer plans two affordable-housing condo towers on the site, and recently started demolishing mainly warehouse structures on the site to make way for the first tower.