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Tuesday, February 13, 2001

Maui development
put up for sale

Star-Bulletin staff

A large vacant chunk of an unfinished and long-awaited West Maui housing development near Wailuku is poised to change hands again.

Hawaii Land & Farming Co. has put roughly 470 acres of the Kehalani development site up for sale this week, according to real estate marketing firm Kennedy-Wilson International. Hawaii Land & Farming is owned by a partnership controlled by Hawaii developer Stanford Carr.

There is no asking price for the fee-simple property, said Marc Heenan, vice president of Kennedy-Wilson.

The marketing firm is sending offering notices to a database of prequalified buyers, who can receive further information by signing a confidentiality agreement. Bids for the property are due March 14. "Maui's a very hot market. It's on a lot of people's radar screens," said Heenan.

The Kehalani site allows for the immediate construction of 2,048 single-family homes and multi-family residences, as well as a commercial center, school and park, according to Kennedy-Wilson.

Carr's partnership Milwaukee Holdings LLC last year bought out Hawaii Land & Farming for about $4 million and the assumption of more than $20 million in debt.

At the time of the sale, Hawaii Land & Farming owned about 2,700 acres on Maui, Kauai and the Big Island.

Formerly called C. Brewer Homes Inc., Hawaii Land & Farming formed in 1993 as a publicly traded spin-off of privately held C. Brewer & Co. Kehalani began in 1994 as a 550-acre, 2,400-unit master planned community that soon stalled along with the state's economy.

The several hundred homes that were developed and sold by Brewer in the area are not part of the new offering, Heenan said.

Carr had said he planned on developing mini-parks, elementary schools and 22 acres of commercial space and a range of housing at Kehalani. Hawaii Land & Farming representatives could not be reached for comment yesterday.

Kennedy-Wilson is a subsidiary of Beverly Hills, Calif.-based Kennedy-Wilson Inc., an international real estate services and investment company.

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