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Kohala developers
By Russ Lynch
targeting the wealthy
Star-BulletinA mainland-Hawaii partnership said today it has bought a prime 30-acre parcel on the Kohala Coast and plans to divide in into less than 50 lots for luxury homes, aiming at Silicon Valley millionaires and other successful U.S. investors.
The property in the Waikoloa Resort is zoned for 300 home units, in a mixture of town homes and estate houses, said Pasadena, Calif., developer James K. Ratkovich.
But Ratkovich, who bought the property in partnership with a Hawaii company controlled by real estate executive Mark A. Whiting, said the partners essentially will downzone it and go for a much smaller number of units, solely in the single-family housing market.
"Right now the market is for custom home sites," Ratkovich said.
He said Silicon Valley and the western U.S. technology boom are powering the market in the Kohala Coast area, as well as interest from a large number of successful Wall Street investors.
"Essentially, the Kohala Coast has become a favorite of the new tech millionaires, so it's not uncommon for visitors to write $3 million or $4 million check on the spot for a home site they desire," Ratkovich said.
The parcel has 1,000 feet of ocean frontage at the Waikoloa Beach Resort, runs 3,000 feet inland alongside the Waikoloa Beach Golf Course and is bounded at the north end by the Mauna Lani Resort.
The purchase price was not disclosed. The seller was Intrawest Corp. of Canada, which bought it from a Japanese company which in turn bought it from an earlier owner, Japan-based Kowa Busson.
Ratkovich said his company, James K. Ratkovich & Associates has been active in real estate financing in Hawaii for three years and Whiting also has Hawaii experience. Whiting is a former president and chief executive of San Francisco-based TriNet Corporate Realty Trust.
