Business Wrap: Busy Week for Big Isle Real Estate
Taking a look at business news around the island this week, there’s lots to report on the real estate front from affordable housing in Waikoloa to proposed development in Puako.
Earlier this week we reported that a Big Island home was featured on national television. The Hualalai luxury estate, which is on the market for $13.5 million, was featured on the HGTV show Million Dollar Rooms this past Tuesday. Reruns of the episode will also air next week.
Kamakoa Nui Workforce Housing Sales to Begin in Waikoloa
The County of Hawai‘i announced today that it will soon begin sales of homes in the Kamakoa Nui workforce housing community in Waikoloa. The Office of Housing and Community Development (OHCD) will begin offering new fee-simple homes to qualified buyers at price points between $235,000 and $350,000.
Ongoing litigation between the County of Hawaii and Unidev LLC, the original developer of Kamakoa Nui, had clouded the title to the property. Although the lawsuits are ongoing, the County of Hawai‘i was informed Monday that title to the property has been cleared. This development gave the County the green light to offer homes in Kamakoa Nui for sale.
Those who participated in a 2007 lottery to determine placing on the offering list are being contacted and will have first choice at purchasing a home in Kamakoa Nui.
Hawaii Green Realty Seeks Partner for New Puako Subdivision
A Big Island real estate firm is looking for a joint venture partner for a proposed subdivision in West Hawaii – if you have $6 million to invest. Hawaii Green Realty is searching for a partner to help develop 810 acres near Mauna Kea Beach Resort. The land, known as Puako Green, is currently on the market for $13.5 million.
Forrest Arnold, principal broker for Hawaii Green Realty, says the proposed project, which includes 144 lots with energy efficient homes, has received tentative approval from the county. Arnold says he is looking for either an equity partner to invest $6 million or someone who wants to buy the whole project for $13.5 million.
Sale of Waimea Country Club is Official
It’s official: the Waimea Country Club has changed hands. The sale of the 18-hole par 72 course, which took place in October, was confirmed by its former owner, D.G. “Andy” Anderson this week. Anderson, a former state senator, did not disclose the sale price of the 239-acre property or the buyer.
The land is zoned agricultural and there is speculation that the new owner will operate a farm on the property. Ten employees, eight full-time and two part-time, lost their jobs when the golf course closed last July.
Kona Developer Faces Deficiency Judgement Over Coconut Grove Marketplace
Another Anderson also made real estate news recently. D.G. “Andy” Anderson’s son, Brian Anderson, a Kona-based developer, has been hit with a $17.6 million deficiency judgment by a mainland bank over the foreclosed Coconut Grove Marketplace.
Anderson’s interest in the popular shopping center on Alii Drive in Kailua-Kona dates back to the late 1990s when he helped develop the property whose tenants include Lulu’s, Humpys Ale House, and Outback Steakhouse. In 2007 Anderson borrowed $17.2 million from Lehman Brothers to buy the property. However, it went into foreclosure in 2010 and the current lender took back the property. The owner of the note, LUBS 2007-C2 Alii Drive LLC, which is an affiliate of LNR Partners, obtained a deficiency judgment against Anderson personally. Mainland U.S. District Judge Susan Oki Mollway signed the judgment last month.