Excerpt from Pacific Business News
BIG ISLAND
Palamanui
Hunt is working on getting the water system it built for the 725-acre property up and running before it is conveyed to the county water system.
“We’re also working really hard on a phasing strategy, that the infrastructure that has to go in there is phased,” said Steve Colon, president of Hunt Cos. in Hawaii. “That’s not contemplated under the existing zoning, so we’re going to be going back to the county in a couple months to get that whole process going.”
Colon said the master plan for Palamanui, which is adjacent to the Hawaii Community College Palamanui campus in Kailua-Kona, includes 1,116 residential units, as well as commercial space, retail space, park space, a 70-acre business park and a hotel. Hunt also contributed $22 million for the UH campus — $10 million in cash and $12 million for its water system, he said.
Colon said Hunt is hoping to go before the Hawaii County Planning Commission in March or April — if the project receives zoning approvals, work on infrastructure could start in 2019, with vertical construction following a couple of years later.
Ke Kailani
Hunt acquired the the mortgages on the land at Mauna Lani Resort in foreclosure from Bank of Hawaii, Central Pacific Bank and Finance Factors Ltd., then spent six years in litigation with former owner Michael Fuchs, former chairman and CEO of HBO. After winning the case, Hunt last year “did a complete property refresh” of the 24 single-family resort lots and several condominium lots. Ten of the lots are currently on the market.
“It’s possible that we could ultimately enter into some kind of a joint venture with a condo developer,” Colon said.
Makalei Ranch, makai side
Hunt sold a 178-acre parcel of the Big Island ranch last year, and is working on a large-lot subdivision for four or five parcels, the smallest of which is 40 acres.