As 2016 comes to a close, we’re looking back over the past year but we’re also looking to the future and to new projects on the horizon. There have been many deals closed, developments started and finished, a boom in timeshares and outside investors on the islands; Hawaii has seen a lot of action this year. One location we’re most excited about for the upcoming year and years to come is Princeville at Hanalei Resort on Kauai. They’re upgrading the front entrance to match the new redevelopments and sales that are taking place over the next couple years.
At the beginning of this month, it was revealed that the $5o0 million redevelopment of the lands at Princeville will start in 2018. They expect to start building homes in that area and they are still working on plans for the Prince Golf Course. Duane Shimogawa wrote an article for Pacific Business News at the beginning of December about this redevelopment and what it means for Kauai. He spoke with the CEO of the contracting company hired for the redevelopment and this is what he wrote, “Michael Meldman, chairman and CEO of Discovery Land, previously told PBN that the redevelopment project could create up to 600 jobs and pump hundreds of millions of dollars a year into Kauai’s economy…The resort’s original plan includes 350 residential units, a possible boutique hotel, a newly-upgraded Prince Golf Course, the focal point of the project, as well as a spa, wellness center, polo fields, equestrian course, an airport, beach club, hiking trails, mountain biking and ocean adventure activities.” We are ecstatic about this kind of growth and opportunity for the islands. These are exactly the kinds of deals we want to see more of in Hawaii; the deals that bring jobs, opportunities, and tourism to our beautiful home tenfold.
Besides this redevelopment, the St. Regis Princeville Resort and Makai Golf Club are up for sale. This resort was acquired by The Los Angeles County Employees Retirement Association at the same time that developer Jeff Stone’s group, The Resort Group, had closed a deal on The Princeville Resort at Hanalei. Being so close to one another and tied equally into the community on Kauai, Jeff Stone has insight on the sale of the St. Regis. He shared this insight with Duane Shimogawa from Pacific Business News in another article on the Princeville area. Shimogawa writes, “Stone told PBN that the L.A. County Employees Retirement Association hired Eastdil Secured to find a buyer for the St. Regis hotel because Starwood’s 10-year management agreement is set to expire in May…The St. Regis is currently one of the largest employers on Kauai with 499 employees, according to PBN research.” It seems that the redevelopment of the Princeville land will create more jobs than any other project on the island, at least for a time. We have a feeling that the St. Regis will regain its crown as largest employer once the redevelopment slows down and is finished.
These two great opportunities are getting us so excited about 2017 and what possibilities are in store in the commercial real estate field. What deals will be closed next year and what new properties or redevelopments will become available? We can’t wait to see what happens next year and are so proud of the work we’ve done in 2016. Let us know how you feel about this past year and the next one in the comments below! Mahalo and Hau ‘oli Makahiki Hou!