Big Isle to get
more upscale homes
A Big Island developer plans to break ground later this year on a new residential subdivision in the upscale Mauna Kea Resort that will add 102 homes along the island's fast-growing Kohala Coast.
Luxury project planned
The Big Island's Kohala Coast is getting a new residential subdivision:Location: Mauna Kea Resort
Size: 102 homes
Land area: 48 acres
Maryl Group, a developer headquartered in Kailua-Kona, is teaming with Honolulu-based Blackpoint Capital Advisors LLC and Mauna Kea Resort resident James Dollens on the project, which will be called Waiulaula.
"We think this is the last drop-dead gorgeous property on the coastline and we were extremely fortunate to get our hands on it," said Mark Richards, Maryl Group president.
The development hui bought the land from Mauna Kea Development, the resort's owner, for an undisclosed price. Mauna Kea Development is owned by Japan's Seibu Railway Group.
An investment fund managed by Boston-based AEW Capital Management is financing the project, according to a press release.
The 48-acre subdivision will abut the Hapuna Golf Course and will be the largest single project within the resort, which has about 250 homes either completed or under development. The new community will be gated and homeowners will be able to take advantage of the resort's amenities.
Single-family home prices will start at about $3 million, with condos starting at "just under" $1 million, Richards said.
The partners also have first rights of refusal on the purchase of adjacent parcels still owned by Mauna Kea Development.
"If this is successful, we're going to look at possibly doing some more," Richards said.
Waiulaula's partners are following several other developers who are seeking to capitalize on robust demand for Hawaii resort homes, primarily on the part of wealthy mainlanders from the West Coast.
Maryl Group itself is wrapping up sales and construction of its 130-home Villages at Mauna Lani project in the Mauna Lani Resort just down the coast, and is finishing off the 82-lot Iolani subdivision in Kailua-Kona.
"The demand is seemingly insatiable," Richards said.
Sales and construction are expected to commence in October and the whole project is targeted to take 36 months to complete.
Maryl Group
www.maryl.com/maryl_group
