South Maui REO - Land

One of the last, if not the last, large development parcels for 217 upscale condominiums across the street from two fabulous beach parks. This location is in the very heart of the "GOLD COAST" of Kihei surrounded by numerous restaurants, boutiques, shops, service related businesses, Maui Medical Group, Hawaiian Moons Natural Foods grocery store, ABC, store, specialty discount liquor store, nail and beauty salons and so much more. LOCATION, LOCATION, LOCATION. The best weather on the planet. The major Special Area Management (SMA) permit was recently extended for three more years as of late June 2020 and the transfer to a new entity was also approved. This project is approximately 6-9 months from "shovel ready." The construction drawings need to be completed and approved at the county. $6,200,000.00 has been spent on the infrastructure for the prior 78 unit project called Aloha Village. Sewers, fire hydrants, water well, water meters, et al are in the ground. Some modifications will need to be done. The property was graded. The North-South Collector road is complete at a cost of many millions of dollars and will serve as the main ingress/egress for the property. Limited ingress/egress from Kihei road once the development is finished. The prior borrower defaulted on the loan and failed to cure the default. This is NOT a foreclosed property but the Lender does have 100% control. There is an ALTA policy from 2019. Upon Proof of Funds the Buyer will be given access to the Drop Box and the extensive documentation. The last MAI appraisal was for $27,500,000. At $14,900,000 the Lender is seeking to recover the principal owed. There is NO new product anywhere in south Maui this close to the beach with these amenities and quality of construction. All the condos/apartments are 40 feet wide and modeled after the luxury Honua Kai condos in Ka'anapali. There are 7 buildings with 31 units per building and two (2) phases. Phase 1 consists of buildings 2 & 4 with 62 units. Phase two consists of five (5) buildings with 155 units for a total of 217 units. There are 424 parking spaces on 8.4 acres of fee simple land. 25.83 units per acre. The projected gross sales revenue in 2017 was $161,056,000 as follows: Unit Type 1. One bedroom with 760 SF. 63 units at an average of $625,000 with 47,880 SF = $39,375,000. Unit Type 2A. Two bedroom with 1,058 SF. 126 units @ $760,000=$95,760,000. 133,308 SF. Unit Type 2B. Two bedroom with 1,100 SF. 21 units @ $790,000=$16,590,000. 23,100 SF. Unit Type 3. Three bedroom with 1,265 SF. 7 units @ $840,000=$5,880,000. 8,855 SF. Revenue from 119 covered parking places = $3,451,000. 213,143 total square feet.

This property is listed by eXp Realty