One of the last remaining, undeveloped sites within the Mauna Lani Resort sold in August 2017 to the same group that purchased the remaining Tokyu assets that included Mauna Lani Bay Hotel and Bungalows, golf course and racket club. Originally, the undeveloped, Site “M” parcel was sold by the Mauna Lani Resort’s developer, Tokyu to a group led by developer Stanford Car in December of 2004 for $24m.

Tax records indicate an entity related to Prospect Hill Group (DHL Mahi Propco LLC) paid a $9.75m sales price for the 150 acre site on August 14, 2017. The most interesting fact regarding this parcel is that it includes zoning for the last remaining hotel site within the resort. At some point in time when Tokyo sold the development site where 49 Black Sand Beach is now situated, they obtained permission from the County to “move” the hotel site zoning that was intended for this site and relocate it to parcel “M”.

In the past, the Mauna Lani Resort as well as The Villages at Mauna Lani had filed several actions in protest to Carr’s original development plan which resulted in the groups agreement to a final plan which included, amongst other requirements, to install a traffic light at the highway to benefit vehicle traffic entering and exiting the resort. The same requirement was agreed to by the Aina Lea development, mauka of the resort entrance so it would seem one of the 2 developer/owners will be building the interchange soon if they plan further construction which is great news.

It’s great news to see the new owners within the resort continue to invest in land assets hopefully signaling their long term intent to enhance what is one of the most beautiful shoreline developments in the State.

Written by Rick Oliver on September 13, 2017
Posted in: Significant Sales | Tags: Hawaii Real Estate, Mauna Lani, Mauna Lani Resort