-Pacific Business News
CIRI, an Alaskan Native corporation, is selling its 13 acres of undeveloped oceanfront land in Hawaii that’s primed for a luxury residential project for an undisclosed price, the company with the listing said Monday.
Located in Poipu on the South Shore of the island of Kauai, the Makahuena Point Subdivision has 10 parcels that are fully entitled for luxury homes and is described as the last remaining undeveloped oceanfront parcels in the area, according to CBRE Hawaii, which is listing the property for the owner, CIRI Land Development Co., a subsidiary of Cook Inlet Region Inc.
The development calls for up to eight waterfront and two interior luxury single-family homes, and the Anchorage-based firm, which is similar to Kamehameha Schools in Hawaii, has received all the necessary entitlements and the special management area permit to develop the land.
CIRI Land Development said it expects to grade the property and install all necessary infrastructure for the development of the luxury homes.
and Jr., both of CBRE, are leading the marketing efforts for the sale of the land.
“The high-net-worth land market on Kauai has been one of the strongest segments of the real estate market in Hawaii over the past few years and we anticipate this trophy land listing will follow that trend,” Thoms said in a statement.
Construction on the Makahuena development, which is located Pee Road in Koloa at the site of the old Makahuena Point Coast Guard light station, was originally scheduled to start in January, but that date has been pushed to 2017.
“We are committed to a quality development and did not want to rush the project until all of the permits and design work are approved and ready to go so that construction activities can be completed as timely as possible,” said , vice president of CIRI Land Development, in a statement.