Wailea home lots to be up for sale

By Andrew Gomes
Advertiser Staff Writer

Alexander & Baldwin Inc. yesterday completed its acquisition of five golf courses and other properties on Maui and Kaua'i with a Canadian partner, and will begin sales of some residential lots at Wailea Resort immediately.

A&B will begin to market the last 29 single-family lots at Wailea's Golf Vistas subdivision that was started but not completed by Japan-based Shinwa Golf Group, which sold its Hawai'i assets to A&B and Vancouver-based GolfBC Group for $131.5 million.

Stan Kuriyama, chief executive officer of A&B subsidiary A&B Properties Inc., said the company plans to become the master developer for the undeveloped parts of Wailea. That role, he said, will involve selling portions of 270 mostly residential-zoned acres at the resort to other developers and developing other parts itself.

"We received a lot of interest from other developers to acquire parcels at the resort," he said, projecting that the building of roughly 1,500 to 1,800 single-family and multi-family homes at Wailea would take eight to 10 years.

A&B was the original master developer of the resort in the 1970s, and in 1989 sold much of the land, including two golf courses, to Shinwa for $197.5 million.

Shinwa later acquired the Renaissance Wailea Beach Resort hotel and built a third golf course and clubhouse at Wailea.

"We are pleased to again step in as master developer of the remainder of Wailea and to finish what we started," said Allen Doane, A&B president and chief executive officer, in a statement.

GolfBC acquired three golf courses and a tennis center at Wailea, and two golf courses, a hotel site and developable property at the Kauai Lagoons Resort.

Reach Andrew Gomes at agomes@honoluluadvertiser.com or 525-8065.