Another Big Ugly Thing is Here!

SUBHEAD: Koloa Landing opens Phase One of residential resort with less than 50% units sold in range between $1 - $2 million.  

By Juan Wilson on 16 January 2011 for Island Breath -

Image above: Soggy lawn on a rainy day a Koloa Landing. From TGI article below.

Koloa Landing Phase One is one of only a couple of massive development projects that targeted Poipu/Koloa and survived the financial crisis in 2008. At one point there were dust-screen fences around eleven such speculations all going at the same time.

Then the bubble burst and the greedy got fleeced. Too bad Koloa Landing got as far as completing Phase One, as it was one of the uglier developments proposed. Below is a segment of an article we did in 2007 on the subject.

By Juan Wilson on 28 June 2007 Image above: Brochure cover promoting Koloa Landing at Poipu Beach condo project.
This falls into the "Just when you thought it couldn't get any worse" department. I was shuffling through my junk mail today, to separate out the bills, and found an envelope that looked like woven grass. I popped it open to find a fancy fourfold brochure in full color. A lovely local gal walking the shorebreak towards a dream-like sunset. The title "Savor Every Moment". Inside were several shots of under 30's having fun in the sun. Over a local teenage girl surfing was emblazoned:
"The more you return, the deeper your experience will be."
Someone had spent a few bucks on this "Dog & Pony Show" to characterize the southshore as such a magical place. Well it won't be magical after they build this monster. Here is the first salvo of ugliness I saw.

Oh my god! A wall of hurricane-proof concrete four-story high condos as densely packed as the fire safety regulations would allow. In the fine print I found that S & P Destination Properties is offering this nightmare up.

Koloa Landing Opens Phase One  

By Vanessa Van Voorhis on 16 January 2011 for the Garden Island - 

After more than three years of phase-one development, Koloa Landing at Po‘ipu Wyndham Grand Resort condominiums sales staff have announced the official launch of the residential community.

“We are extremely excited about opening the resort and delivering a world-class development to our homeowners,” developer representative Todd Hadley said.

“We have in place an experienced construction team that understands our expectation for quality and has delivered it, and we look forward to becoming Kaua‘i’s most prestigious coastline address.”

The development’s first resident, a part-timer, moved in last November, and a “handful” of others have already closed escrow.

“We just started phase-one closings with just under 40, which is less than half of what we have available,” he said.

When the project began in October 2007, the development had signed 51 sales contracts; but in the recession that followed shortly after, many buyers backed out.

While some new south shore developments paused construction during the economic crises, Hadley said, “We kept on building. We knew we were in for tough times, but we never put the brakes on.

“We had an opportunity purchase the land back in 2004. Twenty-five acres of fee-simple land is unique in itself, and we decided to run with it. We felt there was a demand for this product.”

The phase one price and availability chart shows a range from $1.09 million for a two-bedroom, two-bath condo with 1,098 square feet of livable space, to $2.15 million for a 1,872 square-foot, three-bedroom, three-bath unit.

Marketing manager Jennifer Cole-Conner said prices average $1,000 per square foot, and homeowners association dues range between $1,200 and $3,300 per month, or $1.50 per square foot.

Phase one also includes two lagoon swimming pools, a fitness center, a deli-style market and a lobby area with an open lounge. The developer’s cost for the first phase is approximately $150 million, Hadley said. Construction is partially financed.

Phase two development recently began with the excavation of the main pool, and will include two more buildings, 29 condominiums, a pool-side bar and grill, spa and meeting center for special events. The target completion date is December 2012.

Phase two condo prices range between $1.13 million for a 1,346 square-foot two-bedroom to $3.45 million for a 2,980 square-foot three bedroom with study.

Koloa Landing is a multi-phase project that has a master plan of 19 buildings, 322 condos and four swimming pools. Hadley said there will be a phase three, four, five and so forth.

Azul Hospitality Group of San Diego was brought on board a year ago to manage condos that owners may choose to rent.

By branding the development with the Wyndham name, Azul is able to advertise rentals as hotel accommodations through sites like Expedia, which now lists the average per-night stay as $259 to $359.

Azul hired 47 employees in their initial hiring process and is expected to hire additional staff in the next few months.

Koloa Landing is owned by Po‘ipu Beach Villas LLC, which is a partnership of three real estate development companies. The group purchased the 25-acre parcel of land from the Knudsen family trust in 2004 for approximately $12 million.

The architectural firm Group 70 International was hired for the design of the development. A few of the firm’s other resort projects include many of Waikiki’s Hilton Hawaiian Village renovations and additions, Waikoloa Kings’ Land Timeshares on the Big Island, Kea Lani Hotel in Maui and the Lodge at Ko‘ele on Lana‘i.

Koloa Landing’s grand opening is scheduled for March 16, with celebration and entertainment.
See also:
Island Breath: Yet Another Big Ugly Thing is Coming Here 6/28/07
Island Breath: Kauai Lagoons- Annals of False Advertizing 3/18/2008

1 comment :

Anonymous said...

This development is ugly and out of control! A bunch of our leaders sold out for a lot of money. It's obscene.

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