2455 S Kihei Rd, Kihei, 96753

Vacant Land - Vacant Land For Sale in NONE

$14,900,000

Beds
Baths
370,260Sqft
Acres
Built
15DOM
MLS® #: 382530
Active, 15 Days on Market

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. According to the MAI appraisal another $2,000,000 is needed to regrade the property for the new plan. SMA is in place and ACTIVE. The most recent appraisal was $27,500,000. 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 just under $5,000,000. $6,200,000 has been spent on the infrastructure and several million more for the North-South Collector road and a myriad of other improvements and consultants. 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. The 217 market units will require 54 affordable housing credits. I have access to those needed credits at a price more than 50% less than what the County will sell them to you for.

Essential Information

MLS® #: 382530
Price: $14,900,000
Square Footage: 370,260
Acres: 8.50
Type: Vacant Land
Sub-Type: Vacant Land
Land Tenure: Fee Simple
Status: Active

Community Information

Address: 2455 S Kihei Rd
Area: Kihei
Subdivision: NONE
City: Kihei
State: Hawaii
Zip Code: 96753

Amenities

View: Ocean
Is Waterfront: Yes
Waterfront: Across Street from Ocean

Additional Information

Listed By: Eric C. Ong
Date Listed: April 10th, 2019
Days on Market: 15
RE / Bank Owned: Yes
Division: 2
Zone: 3
Section: 9
Plat: 020

Financials

$/SqFt: $40

This information is believed to be accurate. It has been provided by sources other than the Realtors Assoc. of Maui and should not be relied upon without independent verification.


You should conduct your own investigation and consult with appropriate professionals to determine the accuracy of the information provided and to answer any questions concerning the property and structures located thereon.


Featured properties may or may not be listed by the office/agent presenting this brochure. Copyright, 1995-2015, REALTORS® Association of Maui, Inc. All Rights Reserved.