ERA has conducted a series of studies for Surety Kohala Corporation to develop an innovative means of maximizing land values for a proposed resort on the North Kohala Coast of the Big Island of Hawaii. The project includes two main pieces of property. One, known as Mahukona, is located on the western (leeward) shore of the North Kohala coast. This piece represents one of the last sections of oceanfront property available for development along the coast, which has been made famous by the upscale resorts of Hokulia, Hualalai, Waikoloa, Mauna Lani, Mauna Kea and Kukio. The Mahukona section will include resort accommodations, residential products, golf and ocean access. The other piece includes over 3,000 acres of pristine forest preserve, waterfalls, trails, ranch lands and ecological attractions and access into vast areas of public lands on the north, windward side of the island. This ecological preserve is only 15 minutes by car from the resort core.
ERA developed a market-based solution addressing the need to support high development costs and amenity operating costs with low numbers of available real estate products. The concept also brings value to the land on the windward side that would otherwise have relatively low retail values due to zoning restrictions.
The development program includes:
* A mix of upscale fractional ownership and whole ownership resort real estate products, including fractional condos, fractional homes and whole ownership lots.
* A package of high quality amenities including golf, beach club, spa, club boats, and services;
* A ranch house base camp located on the ecological preserve that will serve as a base for owners and club members to embark on outings in the preserve including hiking, biking, equestrian, ATV, and guided tours.
* A core of commercial outlets including restaurants and retail;
* An appropriate amenity operating and disposition plan; and
* An effective ownership marketing and sales strategy.
The objective of the ERA study has been to provide recommendations regarding the scale, quality, and development program of the resort based on assessed market support, comparable resorts, consumer research and inputs from developers. ERA verified that the concept is marketable, and determined how it should be priced and scaled, what can and should be developed on the site(s), what the financial implications of the plan are and how to best implement, market, sell and exit from the project. Prior to the master plan study, ERA conducted an initial development strategy study and a preliminary opinion of value for the property based on the proposed development concept.
Contact Information:
Robert P. Chickering
Principal
Phone: (415) 956-8152
Email:
Bob Chickeringarchive announcements