Jo Dorner

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2455 S KIHEI Rd - Kihei
REO
$14,900,000 Fee Simple
MLS:
Status:
PENDING - CONT. TO SHOW
Days on Market:
62 (May 20, 2019)
Type:
Vacant Land
Land Area:
8.50 Acres
View:
Ocean
REO:
Yes
This is the former KAMAOLE GRAND 217 unit luxury condo development and near shovel ready. $6,200,000 has been spent on infrastructure including sewers, fire protection, three huge water meters, grading(needs to be regraded)and preliminary drawings but the current infrastructure is for the old 78 unit Aloha Village condominiums and incompatible with the current 217 unit plan. SMA is in place and ACTIVE. The most recent appraisal was $27,500,000 but seems too high. The North-South Collector road is in and finished. Final construction drawings are needed. This is a bank owned property. I sold the land to the prior owner in 2008 for $4,875,000. The property is zoned Hotel but designated multi-family in the Community Plan and that is cast in concrete. Short term rentals are NOT possible. All toll, there is not less than $15,000,000 spent on this property. There is also a water well for irrigation. Ingress/egress is from the North South Collector road. Right hand turn only onto Kihei road when exiting the property. Gentle slope to the top. Ocean views half way up and all the way from the top floors. Hundreds of thousands of dollars have been spent on architectural, planning, permitting, archeological, interest on loans for the past 11 years. If you have a developer who is capable of a project of this magnitude the pro formas will show the profit potential for this incredible development. The DROP BOX link is comprehensive. POF required and a letter of financial capability essential from the bank or financial institution, REIT, pension fund, insurance company funding the development. The price of the condos can be whatever the market will bear.

This property is listed by Royal Realty LLC

Joline L. Dorner R(S) 29732
Hawaii Life Real Estate Brokers
Christie’s International Real Estate
Who’s Who Hawaii Real Estate
Top 100 for 2008
www.jodorner.com
Cell 808 276 9015
Office 808 667 5028
Email: Jo@JoDorner.com
Hawaii Life
Mailing Address
Jo Dorner, R(S)
500 Bay Drive
Lahaina, HI 96767
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