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SOLD
MLS: 617358 (Foreclosure)
 
Asking Price: $4,495,000 Fee Simple
Sold Price: $4,495,000
Sold Date: 03/17/2019
Type: Land
District: North Kona
Street: 75-235 Kalani St
Neighborhood: Lanihau 1st - Hienaloli 1st
Style: Vacant
Land Area: 129.32 Acres
Days on Market: 2192
Easements: Drainage
Zoning: A-5A
Roads: County,Major Thoroughfare,Paved,State
Land Recorded: Regular
Property Taxes: $9,459
Assessed Value: $1,011,700
Assessed Ratio: 444.3%
Listing Courtesy: East West Realty, Inc.
Terms Acceptable: Cash,Construction Loan,Conventional
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On mauka side of Queen Kaahumanu Highway across from Mormon Church

Development Options: 1) Five-acre lots, no additional entitlements required. Tentative approval for 8 mauka lots previously approved.
2) State Land Use Boundary District Amendment (SLUBDA) needed from the State Land Use Commission (LUC) for “Urban” designation in order to develop a denser project.
3) Change of zone request needed for mixed use commercial and single-family and multi-family housing, which appears to be the highest and best use at this time.
4) Buyer’s choice. (Hospital? Elder care facilities? Special Use facility? Solar farm? Etc.)

Comments: LOCATION!!! TIMING!!! LOCATION!!! Premier location fronting Queen Kaahumanu Highway with State DOT approved access (rare) on makai boundary. Mauka boundary has access to County-owned Hiona Street, and these two accesses would create a mauka-makai connector between Kailua-Kona and Holualoa Village. This would make a very highly desirable community for both residential and commercial users. Archeological Inventory Survey already done and approved. Topo map available. Flora and Faunal studies done. Flood Study Proposal which would reduce Flood Zone Impact available.
With the recent discovery of water resources under the land, the availability and cost of water resources for a large-scale development project make this site extremely attractive. The County Department of Water Supply is in support of the development of water resources on this site due to its proximity to users as well as the low elevation resulting in lower maintenance costs and decreased breakdown risk of equipment. This site one of few large parcels that can get entitlements under current rules.


 
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