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Wednesday, November 22, 2000

Schuler expands
in East Oahu

By Russ Lynch

Schuler Homes Inc. said it has purchased eight acres in Kalama Valley for its second East Oahu residential development.

Schuler Homes The company said yesterday that there will be 81 homes on the property, which is next to the Kalama Valley Shopping Center and near Sandy Beach and the Hawaii Kai Golf Course.

The first homes should be completed in the second half of 2001. Schuler said it will build 17 single-family homes of about 1,600 square feet each and 64 townhouses from 900 square feet to about 1,700 square feet.

The single-family units will start at a little more than $400,000 and the apartments will range from about $250,000 to nearly $400,000. Called Konelika, it will be a condominium development built around a central park, the company said.

In August, Schuler bought 4.7 acres at Hawaii Kai to build 37 single-family homes. The first 26 lots in that development were opened for sale Sunday and Schuler said more than 80 buyers filled out applications and were pre-qualified by financial institutions. The homes in that development, KeNui, will be fee simple and are offered for about $500,000 each. Schuler said the final installment, of 11 homes on the Hawaii Kai waterfront, will be offered in late 2001.

Honolulu-based Schuler started building homes in Hawaii in 1973 and in recent years expanded to Arizona, California, Oregon and Washington. In Hawaii, it recently began diversifying its mix of styles and locations and earlier this year bought land in Makakilo and in Wailuku, Maui, for new-home developments.

The company plans to merge with the sixth-largest home builder in California, Western Pacific Housing, early next year in a stock swap that will leave Schuler-appointed representatives in control of a new board of directors. Both companies will operate under their existing names.

A Schuler shareholder vote on the merger is set for Jan. 4, but since Chairman James K. Schuler already has committed his 52 percent holding in favor of the deal, approval is guaranteed.

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