County acquisition of Lahaina Crossroads Apartments is final
Mayor Michael Victorino announced today that the County of Maui’s acquisition of the Lahaina Crossroads Apartment Building on Luakini St. is final.
“The deed recorded last week, right in time for Christmas,” said Mayor Victorino in a press release update. “Housing stability, and the peace of mind that comes with it, is one of the best gifts these tenants could get this holiday season. It’s very rewarding for this acquisition to be finalized before the New Year.”
In June, tenants of the 20-unit building received “notices to vacate” to enable renovations for converting the complex into transient vacation rentals as permitted by current zoning. Many of the building’s long-term tenants included retirees on fixed incomes facing few relocation prospects in the Lahaina area.
In July, West Maui Councilmember Tamara Paltin introduced Resolution 112-162 urging the Maui County Council to authorize purchase of the apartment complex. The Council later voted to allocate up to $11 million of the County’s Affordable Housing Fund for the acquisition. The final purchase price was $10.98 million, including closing costs. The County has also executed a contract with Kokua Realty to continue managing the property through June 30, 2023.
“Mahalo to Mayor Victorino and the entire Maui County Council for acquiring the Lahaina Crossroads Apartments,” said Councilmember Paltin in the release. “Many of the tenants have lived in these apartments for more than 35 years and can’t afford to lose their affordably-priced rent. Maui County needs more affordable housing for kamaʻāina than additional visitor accommodations.”
“I also want to thank the landowner,” said the Mayor Victorino. “Despite the potential for making more money with vacation rentals, the seller prioritized people over profit, which is fitting during this season of compassion.”