Maui Officials Green-Light A&B’s 600-Unit Residential Project in Kihei; Larry Ellison Buys Historic Hotel on Lanai
- Aug 09, 2014
The Maui County Council has granted the final zoning approval for a 600-unit housing project that would spread across 95 acres of land in Kihei on South Maui.
Proposed by A&B Properties, the real estate subsidiary of Alexander & Baldwin Inc., Kihei Residential will bring a mix of single-family and multi-family homes, along with parks, open space and a 1.4-acre commercial center.
The Maui News reports that the council’s approval of the $220 million community was accompanied by a list of conditions, including a requirement that A&B provide vehicle access between the development and any future collector road or potential mauka (inland) bypass.
According to Christopher Benjamin, Alexander & Baldwin president & COO, a significant number of the 600 homes will be affordably priced, and will be among the first to be delivered when the company begins closing sales in 2018. Prices for the new residences are expected to range between $300,000 and $600,000.
The developer’s next steps are to advance engineering and design work for the project and to pursue subdivision approval.
In other news, the Pacific Business News reports that Oracle Corp. CEO Larry Ellison has acquired the historic Hotel Lanai on the Pineapple Island for an undisclosed amount.
Mary Charles, her husband Tom Kiely, and their nephew Mike Charles were the sellers of the property, which comprises the 10-room hotel, a one-bedroom cottage and a 90-seat restaurant called the Lanai City Grille.
“We loved our little business, but it just became so hard to survive,” Mary Charles told the newspaper. “Hotel occupancy for us was great, and in the 90 percent range, but the restaurant business, which is dependent upon the tourism trade, suffered.”
The property dates back to 1923. It was built by James Dole, the developer of the pineapple industry in Hawaii, and was the first and only hotel on the island until 1990.
Larry Ellison owns 98 percent of Lanai, as well as the island’s two Four Seasons-branded resorts, which it purchased from Castle & Cooke Inc. CEO David Murdock. The sale of the properties closed in 2012 for a reported $300 million.
Photo credit: www.hotellanai.com