Developers pay
$5.3 million for
Wailea parcel
The buyers of the 12.4-acre
By Russ Lynch
site plan luxury condos
for the mainland market
Star-BulletinA development partnership has bought a 12.4-acre parcel at the Wailea resort on Maui for $5.3 million and plans a 118-unit luxury condominium project on the site.
Clyde Murashige, senior vice president of Wailea Resort Co., said the buyer is Wailea Fairways-Maui LLC, headed by developer Stanford Carr as managing partner. Carr said the units, called Wailea Fairways Villas, will be marketed to mainland buyers.
The property fronts the 16th fairway of the Wailea Blue golf course. Murashige said the sale shows growing interest in Hawaii real estate.
He said the resort company, which sold four other parcels in the last 12 months, is marketing the remainder of its undeveloped land as it nears the completion of its master plan.
Murashige said the company is also seeing renewed buyer interest in the homesites in its single-family subdivisions.
Two major deals have taken place recently in the area.
The 761-room Grand Wailea Resort hotel, originally developed by a Japanese company, TSA International, was sold for about $264 million last month to a partnership, International Hotel Acquisitions, LLC.
Last week, a partnership bought the mortgages of the 450-room Kea Lani hotel on the Wailea beachfront.
A group of Japanese lenders sold the mortgages to Kea Lani Limited Partnership, which includes Chuck Sweeney, head of Trinity Investment Trust LLC, the new owners of the Aloha Tower Marketplace.
