Developer Ed Bushor Acquires Long-Stalled Kauai Lagoons Project for $60M
- Sep 08, 2014
The unfinished Kauai Lagoons oceanfront resort project on Hawaii’s Garden Isle could soon have a new owner.
According to the Pacific Business News, Marriott Vacations Worldwide is in negotiations to sell the property to Hawaii developer Ed Bushor for $60 million. The transaction is expected to close in the fourth quarter of this year.
First planned decades ago by the late hotel developer Chris Hemmeter, the project includes partially built Ritz-Carlton residences, ocean-view subdivisions, ready-to-build home sites with ocean and golf course views, a 27-hole Jack Nicklaus signature-designed golf course and a golf club house.
Overall, the property’s entitlement allows for the construction of as many as 700 residential units. It is located near the Lihue Airport and covers 83 acres of developable land within the 601-acre Kauai Lagoons master-planned community, one of the largest Hawaii construction projects to be interrupted by the recession.
“I enjoy finishing projects, (and) I hope that one day we can build a tribute to (Hemmeter’s) brilliance in creating that and finishing it for the state,” Bushor told the newspaper. “The main concept is to finish the project and help tourism. The economy is back, and Hawaii is firing on all cylinders. It’s really an exciting time for Hawaii.”
The Marriott International subsidiary halted construction at its $1.4 billion Kauai Lagoons resort development in 2008.
The company had multiple brands involved in the project, including 14 Ritz-Carlton Residences, 46 Ritz-Carlton Residences town homes, 72 Ritz-Carlton Club fractional ownership residences, 78 Grand Residences by Marriott, 200 Marriott Vacation Club villas and 50 custom-home lots.
Late last year, Ed Bushor, in partnership with marine artist Wyland, also purchased the Naniloa Volcanoes Resort on the Big Island. The investors paid $5.2 million for the property, which they plan to turn into an environmentally friendly, artistic boutique hotel.
Photo credit: Marriott Vacations Worldwide