Resort to Add Residential Development

KOHALA COAST, HI-A 120-unit residential development will break ground this fall on 48 acres at the Mauna Kea Resort on Hawaii’s Big Island. Opened in 1965 by Laurance S. Rockefeller, Mauna Kea Resort is currently comprised of Mauna Kea Beach Hotel and Hapuna Beach Prince Hotel. “Waiulaula at Mauna Kea Resort” will be located adjacent to the Hapuna Golf Course in the upper highlands of the resort. The development will include a mix of single-family estates and luxury condominiums. The project is being developed by a joint venture of AEW Partners IV, Maryl Group Inc. and Mauna Kea Mauka Partners LLC. Mauna Kea Mauka Partners LLC is made up of Blackpoint Capital Advisors, LLC, Maryl Group Inc. and James R. Dollens. AEW Partners IV, an investment fund managed by Boston-based AEW Capital Management, is providing the equity financing for the project. Maryl Group Inc. will act as lead developer. Mauna Kea Realty will handle sales for the new homes. In other Hawaii news, the Poipu Beach Hotel on the island of Kauai is slated for redevelopment. The Kauai County Planning Commission last week approved permits for the reconstruction of the hotel, the only hospitality property along the Poipu coastline that has yet to re-open after being damaged by Hurricane Iniki in 1992.The redevelopment is being undertaken by CTF Hawaii Hotel Partners Limited Partnership. When the hotel reopens, it have 121 rooms instead of the original 138 and be called the New Poipu Beach Hotel. Unlike many other Hawaii projects of late that have both a timeshare and hotel component, CTF will operate The New Poipu Beach Hotel strictly as a hotel.Included in the conditions for approval is a requirement for the developer to give hiring preference first to Kauai builders. Additionally, the developer must contribute toward the building of a bus stop.