South Maui REO - Land

This is the former KAMAOLE GRAND 217 unit luxury condo development and near shovel ready. $6,200,000 has been spent on infrastructure including sewers, fire protection, three huge water meters, grading(needs to be regraded)and preliminary drawings. According to the MAI appraisal another $2,000,000 is needed to regrade the property for the new plan. SMA is in place and ACTIVE. The most recent appraisal was $27,500,000. The North-South Collector road is in and finished. Final construction drawings are needed. This is a bank owned property. I sold the land to the prior owner in 2008 for just under $5,000,000. $6,200,000 has been spent on the infrastructure and several million more for the North-South Collector road and a myriad of other improvements. The property is zoned Hotel but designated multi-family in the Community Plan and that is cast in concrete. All toll, there is not less than $15,000,000 spent on this property. There is also a water well for irrigation. Ingress/egress is from the North South Collector road. Right hand turn only onto Kihei road when exiting the property. Gentle slope to the top. Ocean views half way up and all the way from the top floors. Hundreds of thousands of dollars have been spent on architectural, planning, permitting, archeological, interest on loans for the past 11 years. If you have a developer who is capable of a project of this magnitude ($90m ) the pro formas will show the profit potential for this incredible development. The Offering Memorandum is comprehensive. POF required and a letter of financial capability essential from the bank or financial institution, REIT, pension fund, insurance company funding the development. The price of the condos were below market for a fast sellout. All the pertinent documents, renderings, et al will be up shortly. Stay tuned

This property is listed by Eric C. Ong