Mormon church plans 650 Laie homes
The land management unit of the Mormon church has purchased 227 acres on North Shore
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The acquisition of 227 acres of agricultural land adjacent to Laie will help an affiliate of the Mormon church develop affordable housing on Oahu's North Shore.
Hawaii Reserves Inc., the land management company of the Church of Jesus Christ of Latter-day Saints, yesterday bought the land for about $4 million from KRC Golf LLC, an affiliate of Turtle Bay Resort owner Oaktree Capital Management LP.
It plans to build up to 650 homes on the parcel and adjacent land.
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An affiliate of the Mormon church has purchased 227 acres of agricultural land adjacent to Laie as part of a larger plan to develop up to 650 affordable homes on Oahu's North Shore.
Hawaii Reserves Inc., the land management company of the Church of Jesus Christ of Latter-day Saints, yesterday bought the parcel for about $4 million from KRC Golf LLC, an affiliate of Turtle Bay Resort owner Oaktree Capital Management L.P.
Hawaii Reserves plans to rezone the land so that it can develop part of the residential housing project closer to existing infrastructure in Laie to keep the prices of homes down for area residents, said R. Eric Beaver, Hawaii Reserves president and chief executive officer.
The sliver of land in Malaekahana between Laie and Kahuku runs from Kamehameha Highway up to the mountains. The master-planned community will extend onto adjacent land the company already owns just north of the 227-acre parcel.
The costs and time frame for the multimillion-dollar project haven't been determined, but the zoning and permitting process could take up to five years, Beaver said.
The recent acquisition is key to keeping project costs down because the new homes will be built closer to the highway and existing infrastructure such as sewer systems, he added.
"It's helping to reduce the infrastructure costs -- that goes right into the prices of homes," Beaver said.
Hawaii Reserves is aiming to make most of the homes affordable for residents whose household income is 140 percent or less of the area median income.
"We take working-class families in this area and look at how much income they're bringing in, and figure out how to build and price homes at levels people working out here can actually afford," Beaver said. "That's a major challenge anywhere in Hawaii."
Another project goal is to connect Laie with the master-planned community and allow people living in the area to be able to go back and forth via roads and bike paths mauka of Kamehameha Highway, to ease traffic congestion, Beaver said
It also will provide opportunities for more open space, including regional parks and recreational facilities lacking in the community, he said.
Hawaii Reserves has started to create a master plan for the Malaekahana area based on community input, which identifies places for housing, a school, open areas and commercial space.