Campbell Estate plans senior village in Kapolei
By Andrew Gomes
Advertiser Staff Writer
Campbell Estate has signed an agreement with a Hawai'i-Mainland development team to create a 40-acre retirement campus in Kapolei designed to provide up to 850 housing units with hotel-like amenities and care for seniors.
The project targets middle to upper-middle income seniors and would be the largest senior-living development in Hawai'i, a little more than twice the size of Kahala Nui, a $183 million project with 393 units that broke ground last week.
Developer Hawaii Village Associates Inc. did not disclose a total projected development cost, but the first of four phases is budgeted at $70 million, according to Nancy Schoocraft, company president and chief executive officer.
Phase one comprises 150 apartments and about 26 cottages for independent living, a 28-unit assisted-living facility and 32 beds for skilled nursing. Residents would be allowed to transfer to different levels of care depending on health needs.
The project, called Luana Koa, is subject to financing. Schoocraft said Hawaii Village is pursuing tax-exempt revenue bond financing similar to what Kahala Nui obtained.
Kahala Nui's bonds were issued by the state, underwritten by a Wisconsin financial services company and backed by a Chicago bank.
Schoocraft said she expects to start construction next year if the project proceeds as planned, and be ready for occupancy in early 2005.
Hawaii Village has obtained zoning and the blessing of the Kapolei neighborhood board. A lease for the 40 acres with Campbell Estate is subject to the developer obtaining financing and other requirements.
Brad Myers, an estate spokesman, said the retirement campus is perfect for the developing "Second City" of Kapolei.
"It's a real good fit in what Kapolei has to offer and what senior-living communities are looking for," he said.
For most continuing care retirement communities, lots of land is a key requirement. Climate and nearby medical, shopping and recreation facilities are other important elements.
The project itself is designed to provide one meal per day, housekeeping, transportation, linen service, activities and wellness care.
Rough prices for the one-bedroom to three-bedroom units and services range from $1,300 to $2,300 a month for independent living. There is also a one-time entrance fee of $195,000 to $475,000, which is 100 percent refundable should a resident move out or die.
Schoocraft said Hawaii Village plans to begin marketing and accepting reservations immediately. A nonprofit entity will operate Luana Koa, according to Schoocraft.
Developer Hawaii Village is a for-profit company. Vice president is Kenneth Chong, a Hawai'i real-estate consultant and president of the Hawai'i Developers Council.
Also affiliated with the development is Craig Witz, formerly with Life Care Services LLC, an Iowa-based developer and manager of continuing care communities that operates a nursing facility at One Kalakaua Senior Living.
Architect for the project is Honolulu-based Pacific Atelier International Inc. in collaboration with Maryland-based Marks Thomas and Associates.
