Plans for the Makena Resort in South Maui seemed to be up in the air after the investors foreclosed on the property in 2009. The current owner, ATC Makena Holdings, LLC announced its plans for redevelopment about three years ago, and public records indicate that those plans are taking shape and moving forward.
ATC Makena Holdings, which includes members from New York-based AREA Property Partners, Honolulu-based Trinity Investments LLC, and Stanford Carr Development, will partner with Discovery Land Co. to turn the 47-acre property into a mixed-use project. It will include single-family, multi-family, resort commercial and vacation rentals, a conversion with a $354.5 million price tag.
Known today as the Makena Beach & Golf Resort, it was formerly known as the Maui Prince Hotel, which opened 30 years ago. While it was operating, it housed a lot of guests, and provided jobs for many local residents. The resort closed in July of 2016, but the redevelopment will create 400 new construction jobs, while about 20 percent of its 385 employees will continue on to help with operations.
According to ATC Makena Holdings, the project should be completed in three to five years. The hotel's 310 rooms will be converted into a smaller number of luxury apartment units. According to the environmental assessment report, the project will include 158 units total. That will break down to 52 multi-family units, 15 single-family custom estate lots on a single parcel, while a third parcel will include eight single-family custom estate lots. The commercial village will contain 14 condo units, 27,300 square feet of commercial/retail space, and 10 transient vacation rentals on a nearby parcel.
A project of this magnitude is certainly worth keeping an eye on, for those who are interested in new South Maui real estate developments. Whether or not you are interested in the project directly, luxury developments do influence the market, especially in the area where they are located. This particular project has several years to go, so we may mention it again in the future as things unfold. If you need our assistance finding the Maui real estate to meet your needs, you'll find our contact information at the bottom of the page. Mahalo!
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