Ko Olina
project planned

Home builder Centex's first
development on Oahu will involve
building 320 resort homes and villas

The No. 2 U.S. home builder plans to build 320 resort homes and townhome villas at Ko Olina Resort & Marina in Leeward Oahu, with the pending purchase of 34 acres.

Dallas-based Centex Homes, a subsidiary of Centex Corp., is making the investment because of the $75 million aquarium tax credit passed this year for Ko Olina, with the support of Gov. Linda Lingle. The luxury home project is not eligible for the tax credit, but the aquarium and related attractions encouraged Centex, the company and Ko Olina said in a press release.

This marks Centex's first project on Oahu, which will encompass 60 single-family homes and 260 townhouse villas, with construction expected to start early in 2004. The company will begin selling the units once it gets all project approvals.

"The future for Ko Olina and west Honolulu is bright," Sloan said. This is the first project announced since the tax credits were approved, and it will create a significant number of construction jobs in the next two to three years, said Jeff Stone, president of Ko Olina Resort.

The Centex home development will join two recent Ko Olina projects, the Coconut Plantation, a 270-unit development of Brookfield Homes Corp., and Kai Lani at Ko Olina, a 116-unit venture between Armstrong Builders Ltd. and Alexander & Baldwin Inc.

In January, Marriott opened the first phase of its $300 million, 750-unit Ko Olina Beach Club time-share. Marriott also manages the 387-room JW Marriott Ihilani Resort & Spa at Ko Olina and the 18-hole Ko Olina Golf Club.

Centex operates in 26 states and is building a 96-unit luxury condo villa project at Waikoloa on the Big Island, called Kolea.

Centex Corp.'s stock price has more than doubled in the past year, making Centex worth about $5.5 billion. It is the second largest U.S. homebuilder by stock market value.

The company's net income in the second quarter increased 63 percent to $142.8 million from $87.8 million.


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