Perot Jr.
helps isle developer
The billionaire's son
By Russ Lynch
invests $10 million in a Maui housing
and retail project
Star-BulletinLocal developer Bill Mills is teaming up with Texas real estate investor Ross Perot Jr. to develop upscale housing and retail projects on Maui. Perot, son of billionaire and former presidential candidate H. Ross Perot, has invested $10 million in a 50-acre parcel in the massive Maui Lani residential project in Wailuku.
Mills did not comment and Perot Jr. could not be reached for response.
But state land records show that Mills' company, Maui Lani Partners, transfered title to the 50 acres to Maui Lani Island L.L.C. on July 28. Maui Lani Island is half owned by Mills and half owned by Perot's Hillwood Development Co.
Maui Lani is a 1,000-acre master planned community that was started in the 1970s by Alexander & Baldwin Inc. Mills, Honolulu developer Herbert Horita and other local interests acquired the project in 1990 for $48.5 million.
Mills then took over the project three years ago after it ran into financial difficulties.
So far, Mills has built about 50 homes at the project and is constructing an 18-hole golf course there.
Perot and Mills also plan to acquire the 15-acre Wailea Village shopping center and redevelop the 31,000-square foot mall into a 120,000-square-foot upscale shopping center, sources said. Potential tenants include Louis Vuitton and Duty Free Shoppers.
The partners are looking to acquire another 15-acre parcel in Wailea where they will develop a retail project geared for local residents.
A former Castle & Cooke executive, Mills recently joined two Honolulu investors -- Jay Shidler and James Reynolds -- to acquire the Eaton Square shopping mall in Waikiki and the 10-story FAA Building near the state convention center.
Perot Jr., who oversees the Perot family's vast real estate holdings, is chairman of Alliance Development Co., which controls the Alliance Airport, a cargo airport near Fort Worth. He also is a majority owner in the Dallas Mavericks professional basketball team.
