A new affordable housing project is proposed for Kīhei, Maui that seeks to offer 500 homes on 5,000 square foot lots.
The Koa Waena project by developer Peter Savio is located at the beginning of South Kīhei Road.
The rural subdivision aims to provide approximately 500 homes with 5,000 square foot lots.
Price per lot is still under review, but the developer expects the total cost for house and lot will be approximately $400,000 to $450,000. Lot sales will begin at around $200,000, and the single-family homes are projected to be offered at between $200,000 and $250,000.
The homes will be 2-4 bedrooms with room for carports, backyards, front yards, etc., according to a developer’s announcement.
“We are not building homes, so the price doesn’t not have to include a profit to the developer, which reduces the overall price to the buyer. (Whereas a standard developer overhead and profit would have brought the price to over $500,000.00),” according to a press release announcement.
The developer’s concept is to sell at the lowest possible price. “We believe buyers of the lots will be able to build a modest home on the lots for between $200,000-300,000, and by working together we can make housing affordable”, said Peter Savio.
“When units are selected, we will have lenders, contractors, consultants, and construction managers to work with the buyers to see homes are built hassle free. Only Maui contractors will be utilized for this project, helping create jobs and keeping the profits in the community. We are working alongside the Carpenters Union to see this project come to fruition in the fairest way possible for buyers and workers,” said Savio.
Koa Waena will be available to current Maui residents only, with no outside investors allowed. Savio is selling at cost with a limit of developers profit of no more than 5%.
These prices are far below current average home prices across Maui, where the median was $1.1 million in July. Future resales will not be available to off island or foreign buyers. And all resales will be tied to the local market, according to Savio.
“A market where homes can only be resold based on the local wages which will keep the appreciation, price, and payments affordable for local buyers forever,” according to the announcement.
Peter Savio, President, and Chief Executive Officer of the Savio Group of Companies said, “We are extremely happy and thrilled to be able to bring such affordable, single family living to Kīhei, Maui. We are doing everything we can to get this project moving quickly, as we understand time is of the essence for our local families on Maui.”
The project is associated with Equal Housing Opportunity. Purchasing opportunities will be based on a lottery system, which is set to open soon. Interested home buyers can sign up at KoaWaena.com.
Community meetings will be held at the Kīhei Charter School to learn more about the project on:
More information is available online at koawaena.com.
More details are available online, including a mailing list form for Maui Residents to complete before attending the community meetings.
Savio has over 40 years of experience in real estate development and sales in the Hawaiʻi market.