Cushman & Wakefield announced today the firm has been hired to sell two residential and commercial sites totaling approximately 458 acres within the Maui Lani master planned community in Kahului on Maui.
Located in Central Maui, approximately 245 acres, or over half of the total acreage, has been entitled for the development of up to 1,900 new housing units, according to real estate services firm. One of the sites fronts The Dunes at Maui Lani Golf Course and the second site is located adjacent to the Maui Lani Village Center.
Matt Davis, Director with Cushman & Wakefield and Anthony Provenzano, Senior Vice President of Cushman & Wakefield ChaneyBrooks are leading the sales efforts.
The team is bringing the development sites to market unpriced, but representatives say the anticipated combined value of the bulk offerings could be as much as $150 million.
Listed as two separate offerings, the first site consists of approximately 192 entitled acres that allows for up to 1,700 new residential units. “The project benefits from a highly desirable location with frontage on The Dunes at Maui Lani Golf Course and existing entitlements, allowing for a mix of residential along with commercial uses,” according to the real estate firm.
The Planned District provides for an estimated 132 acres of single-family homes and townhomes, 22 acres of multifamily, and 5.5 acres of commercial and civic uses.
The second site consists of approximately 266 acres and includes The Dunes at Maui Lani Golf Course. The offering also includes an entitled 60+ acre residential parcel plus 25 developed commercial lots and four fully leased buildings totaling over 40,000 square feet of commercial space, within the Maui Lani Village center.
Provenzano said, “Kahului is Maui’s hub for commercial activity and an attractive community for locals and visitors, offering an abundance of amenities including pristine beaches, world class shopping centers, and natural attractions. As evidenced by record home prices and over 2,390 single-family homes/condos sold last year on the island, demand for residential housing remains extremely strong, especially for homes under $1 million.”
Provenzano added, “Maui attracts over 3 million visitors per year, and this is a tremendous opportunity to develop commercial and residential in a supply constrained market.”
“This is a very special offering in central Maui as there really isn’t anything quite like this on the entire island let alone the state,” said Davis. “One of the most unique things about this masterplan is that rather than being another resort development opportunity, this is an opportunity for a developer to deliver new attainably priced housing that is massively in demand to both locals and out of state looking for a home that is closer to services and that also comes with all the benefits and amenities of a master planned community.”
The properties are located 10 minutes from the Kahului Airport, and a short distance from the Kahului Harbor.
