Wednesday, October 17, 2001

$19.5 million
parcel on market

761 acres on the Big Island are
zoned for 400 homes and an
Arnold Palmer golf course

By Rick Daysog

A Big Island developer has placed a 761-acre property in Waikoloa on the market.

Art Waikoloa Development Co. is asking $19.5 million for the undeveloped, fee-simple parcel, which is along Waikoloa Road mauka of the scenic Kohala Coast resort district.

Known as the Waikoloa Highlands Golf Estates & Golf Course site, the property includes zoning for 400 one-acre homes and an 18-acre, Arnold Palmer-designed golf course.

The seller has retained Realtor Joel LaPinta of Prudential Orchid Isle Properties as its broker.

LaPinta said that he has received inquires from several mainland investors since the property was put on the market Sept. 1.

The planned sale underscores a belief in the strength of West Hawaii's building boom and appears to defy the recent economic angst brought on by the Sept. 11 terrorist attacks.

Over the next 20 years, developers have committed to building more than $1 billion in residential and infrastructure work in West Hawaii in an attempt to meet a growing demand from affluent, mainland baby-boomers.

LaPinta believes that demand will remain strong despite widespread market uncertainties.

He noted that he recently completed a land deal in which a local development company paid a Japanese investor $6.75 million for a 10-acre Waikoloa property.

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