Ledcor Development, already responsible for other high end projects like Luana Garden Villas at Honua Kai and Lai Loa, is looking to further their reputation on Maui with a resort residential subdivision that is just off of Piilani Highway and Okolani Drive. Designed as part of the Wailea Hills Collection, surrounding condos and neighborhoods include: Maui Meadows to the north; Wailea Pualani to the west; Kai Malu to the southwest; and Keala O Wailea to the east.
The new subdivision is set to be built out over 46 acres of coveted Wailea real estate currently owned by Alexander & Baldwin (NYSE: ALEX) and will cost an estimated $315 million to develop. Owners are expected to be 90% part-time residents, while the remaining 10% are expected by full time residents.
Details are still being finalized, but buyers can expect properties to sell for an average price of $1.75 million. The units will range in size from 2000 – 4000 sqft with a lanai, garage, and pool included is most floor plans. While the vacation rental rental units will be scaled down in size to less than 1000 sqft. According to the project plans, Wailea Resort Phase 2 Development LLC calls for:
- 51 zero lot line homes
- 92 town home/duplex homes
- 146 multifamily units, 23 of which will be eligible for vacation rental use
In addition, the plans also include a small area for commercial use, a community club house, and an affordable housing component necessary for completing Maui County’s workforce housing requirement of 25% of the total number of market-priced units.
The project timeline is estimated at needing seven years to complete the build out after the proper permits are required, while 2022 is the anticipated date for the start of construction.
Contact South Maui Real Estate Specialist
Please interview me to be your trusted Maui Real Estate and Lifestyle Advisor. I was born and raised on the island, and spend a considerable amount of time to inform my clients about the best deals currently on the market. Please do not hesitate to call me for your Maui real estate needs. I am more than happy to assist you in your home search.
We are also on-site real estate team at the Ho’olei villas, we are open from 9AM-5PM daily, so feel free to stop by anytime. Also, see a full list of Wailea condos for sale and Makena condos for sale.
Anthony Sayles R(S)