Business

Savio Buys Waikoloa Land, Then Changes Mind

May 21, 2014, 5:16 PM HST
* Updated May 21, 5:20 PM
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Hawaii real estate developer Peter Savio bought 252 acres along Queen Kaahumanu Highway in the Waikoloa Beach Resort, real estate services firm Cushman & Wakefield said Monday morning.

But when Big Island Now caught up to Savio around noon today to find out his plans for the property, he no longer owned it.

“I sold it to Brian Anderson,” Savio said.

Savio said he wanted to develop the property but had second thoughts about the number of ongoing projects he’s already undertaken, including renovation of Waiakea Villas in Hilo, the Maui Beach Hotel and Maui’s Elleair Golf Course.

Savio said he sold the Waikoloa property to Anderson for $5 million and “costs,” totaling about $5.8 million.

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Anderson, a Kona developer with a troubled financial past, is former manager of the now-defunct Waimea Country Club and the son of D.G. “Andy” Anderson, Honolulu businessman and state political figure.

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Brian Anderson has had numerous financial difficulties and it isn’t clear whether those matters have been resolved.

He and his Anekona companies have faced foreclosure on millions of dollars in properties dating back to 2008, including the ill-fated purchase of the famed Ilikai hotel in Waikiki.

He was also hit with a $17.6 million deficiency judgement by a federal judge in 2012 following foreclosure on the Coconut Grove Marketplace in Kona.

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Anderson, who has a home in Waimea, hasn’t responded to a request to discuss his plans for the property.

Savio purchased the property from Elleair Inc., a subsidiary of Japan-based Daio Paper, which had owned the property for 20 years.

Elleair was represented in the sale by Cushman & Wakefield, Sofos Realty and Kona-based Island Land Co., Inc., said Matt Davis of the Land Group at Cushman & Wakefield.

The undeveloped parcel is designated as an extension of Waikoloa Beach Resort and was master-planned 20 years ago to include an 18-hole golf course. The master plan allows development of 420 lots on the site.

However, the county approved just 92 single-family homes and 103 multi-family units on 67 acres.

Davis said the new owner could apply for “re-entitlement” to develop the master-planned number of units, or could start building the 195 county-approved units right away.

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