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Reported by Star-Bulletin staff & wire
Tuesday, January 16, 2001
Big Island parcel put on the market
An 866-acre parcel of residential land near the Four Seasons Resort Hualalai on the Big Island has been put on the market for $25 million by the property's former developer.The land, bought by developer Bill Mills and Japan-based partners in 1990 for $37.7 million, was never developed into homes after financing fell through, Mills said.
Mills took over the Waikoloa property from the partners four years ago for an undisclosed price and held onto it as an investment. This is the right time to sell, he said yesterday.
The parcel, located on the Big Island's upscale Kohala Coast resort community, is zoned to be broken into 1,250 lots for single-family homes. Mills said the most likely buyer would be a mainland home developer.
Norwest Mortgage takes new name
Norwest Mortgage of Hawaii has changed its name to Wells Fargo Home Mortgage, following the merger of their mainland parent companies. The change, effective yesterday, concludes the renaming of more than 1,200 Norwest offices nationwide. Des Moines, Iowa-based based Wells Fargo Home Mortgage Inc. is a subsidiary of Wells Fargo & Co., which merged with Norwest Corp. in 1998.
BancWest opens Las Vegas branches
BancWest Corp. subsidiary Bank of the West today opened its newly acquired seven branches in Las Vegas.The Honolulu-based parent company of First Hawaiian Bank last week finalized the purchase from First Security Bank, which was required to spin off the branches when it merged with Wells Fargo & Co. BancWest announced in September it would buy the Nevada branches, along with 23 First Security locations in New Mexico.
In other news . . .
TOKYO -- Sony Corp. said it will double production of its PlayStation 2 in the next three months after parts shortages left many consumers empty-handed following introduction of the video game console in Europe and the United States.