The A&B/Armstrong team last week received a special management area permit for the project, which it expects to start selling next month followed by construction in mid-2005.

Dubbed Kai Malu, the subdivision on 25 acres is designed to resemble expansive single-family homes, but will contain two units in each of 75 two-story structures.

Each unit is anticipated to be priced from the mid-$900,000s to $1.2 million.

Allen Doane, A&B president and chief executive officer, said Kai Malu fits with the company's strategy to build out Wailea's residential community alone, with partners or by selling parcels to other developers.

To date, developers have bought four of 17 parcels that A&B acquired from Japan-based Shinwa Golf Group in October 2003.

Seattle firms Popkin Development and Weinstein A/U Architects + Urban Designers plan 24 single-family homes on 10 acres. Maui developer Martin Quill plans 144 two-story townhomes on 30 acres.

Another Maui developer has a contract to buy an eight-acre parcel slated for 38 single-family homes. And a Canadian firm has undisclosed plans for a nine-acre parcel zoned for multifamily residential use.

Earlier this year, A&B sold 26 of 29 house lots at a long-stalled Shinwa project for an average of $870,000 each. Another is scheduled to close in January.

A&B expects developers will add roughly 800 homes to Wailea over the next several years, delivering about 100 homes a year to fill in the last undeveloped parcels at Wailea.

"The Wailea acquisition has been good not only for A&B, but for the larger Wailea community as well, and we are extremely pleased with the initial results of this major acquisition," Doane said.

A&B retains 12 large parcels covering a little under 200 acres of the 270 acres it bought from Shinwa. A&B may sell additional parcels, though it would like to develop as much of its remaining land as possible, either alone or with joint-venture partners.