According to the developer of Wailea Village Center, which was formerly known as Shops on the Green, its expansion should be complete in 18 months or less. The center is one of many Maui commercial real estate developments that have been purchased this year. Hotel and retail developers have been very active in South Maui this year, and the center yet another example of big commercial investments that we’ve shared with our readers over the past several months.
The Wailea Village Center consists of 6.3 acres at the entrance of the Wailea master-planned community. When the expansion is complete, the shopping and restaurant complex will double in size to 43,000 square feet, according to owner and California-based developer, Burnham USA. The expansion of the center has recently been given approvals from the Maui Planning Commission for new buildings, although it should have had those approvals when it first got the go-ahead, according to County planner Candace Thackerson.
The Wailea property was purchased from Wailea Old Blue LLC by its current owners in May of 2015 for $11.3 million. The initial plan was to add commercial, office and retail space via six new single-story structures, in addition to the renovation of the existing structures on the property. However, the developer ultimately decided that three buildings, including single- and two-story structures, would be more appropriate given the slope of the land.
According to Thackerson, the project is halfway done, and the expansion of the existing buildings has already been completed. When the new buildings are finished, the center will provide suites from 1,600 to 4,940 square feet in size. Among the existing occupants, you’ll find Snorkel Bob’s, Manoli’s Pizza Co., Coldwell Banker and Juvenal’s Hair Salon. It should be interesting to find out which other businesses will lease the spaces that will open when the project is complete.
We’ll have to wait another 18 months or so to find out who the new tenants are. A lot can happen in just a few months. For example, you might become a South Maui property owner yourself, if you’re in the market. Maybe you have your own vision of a good real estate investment and plans for what you might do with it. If you need our assistance with the process, we’ll be happy to help you every step of the way. You’ll find our contact information at the bottom of the page if you need us. Mahalo!