Hawaii
In 1997 Kennedy Wilson made a strategic investment in Hawaii, purchasing a 450-acre land parcel near Kailua-Kona on the Big Island. The suburban property has one and a half miles of ocean frontage and is the premier development site on the Kohala Coast.
The company's plans include a 500-home golf course community featuring a shoreline park, public parking for more than 120 cars and an 8,000 square foot beach facility with a snack bar, restrooms and showers.
Kennedy Wilson has worked closely with the local, state and federal government to plan an environmentally responsible community that will preserve nearly 100 acres of open space and provide privacy for owners purchasing the housing lots.
Groundbreaking for the project, known as The Shores at Kohanaiki, occurred in September 2005. As it is built out, the development is expected to generate $2 billion in sales.
Given the fundamental appeal of Hawaii markets, particularly for luxury housing, Kennedy Wilson is potentially interested in making other commercial and multifamily investments in Island real estate, as well as securing services assignments in the region.
Success Stories
Mokuleia, Oahu, Hawaii
Mixed-Use
Value-Added Result: In May 2006, Kennedy Wilson purchased the Dillingham Ranch, a 2,700 acre property located in Mokuleia on the North Shore of the Island of Oahu. The Ranch investment includes 19 acres on the white sand beaches of the North Shore and the property extends to the ridge line adjacent to the Mokuleia Forest Reserve and the Waianae Mountains.
Special features of the property center on The Dillingham House. This historically significant structure has been maintained in relatively good condition and construction has begun to restore the building to its original period condition. The Dillingham House and the surrounding estate grounds reflect the ambiance of a gracious lifestyle reminiscent of the plantation era of the early 1900s.
Entitlement plans include a subdivision of 440 acres of the Ranch into five acre agricultural lots that will provide equestrian pasturing and farm homes for individual lot owners. The lots will have spectacular ocean views of the North Shore. Member owners of the ranch community will participate in the many working ranch facilities. Individual lot sales are expected to begin in the third quarter of 2008.
Kennedy Wilson is working closely with the local community associations to assure the residents that all development plans will focus on preservation of the rural nature of the North Shore community.
