Waikoloa Beach Resort Land

Waikoloa Beach Resort Land 2018-07-03T15:14:03+00:00

Project Description

Brokers:
Matt Davis | Terry Jackson | Curtis Buono

Client:
Elleair Hawaii

Parcel Address:
Queen Ka’ahumanu Highway & Waikoloa Beach Drive, Anaehoomalu, HI 96738

Size (Acres):
252

Use:
Suburban Residential

Challenges Encountered:
The 252 acre property is within the Waikoloa Beach Resort Master Plan with preliminary subdivision approvals for 195 detached and attached resort residential units on a total of 94 lots. Approvals included a requirement to build an 18 hole golf course. The master plan allowed for up to a total of 420 residential units, substantially more than provided for in the preliminary approvals. When the property was listed, resort home sale velocity was limited and golf rounds were trending down globally. This along with an oversupply of existing golf courses both within the Waikoloa Beach Resort and the adjacent Mauna Lani Resort made the preliminary entitlements and golf requirement a significant negative to many potential buyers.

Results Achieved:
After an initial marketing effort, the Land Advisory Group advised the seller to work with Waikoloa Development Co., the master developer, to remove the Master Plan’s requirement to build the 18 hole golf course. After successfully removing that development condition, the listing team reengaged the market and identified a buyer with the vision to redesign the project at a significantly higher density, resulting in a successful close of escrow.

For more information, please contact:
matt.davis@cushwake.com

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