China Oceanwide puts Hawaii parcel on the market for $34M

Original Article

China Oceanwide Holdings Group has put a piece of the 514-acre Kapolei West lands it purchased from the James Campbell Co. four years ago, an 11.3-acre parcel behind the Oahu Publications printing facility and across from the Target-anchored Kapolei Commons shopping center, on the market for sale with an asking price of $34.45 million.

The asking price for the parcel, which is zoned for business mixed-use, or BMX-3, works out to $70 per square foot. Nathan Fong of Colliers International Hawaii is representing the seller.

Under the current zoning, the land could be used for a mixed-use condominium or apartment building with retail on the ground floor, or a limited service hotel or office or medical office use, according to the marketing materials. The current height limit is 90 feet.

Oceanwide paid $98 million for the parcel, along with two other parcels for a total of 514.43 acres, in October 2016 from Aina Nui Corp., a subsidiary of the James Campbell Co.

It plans to develop some 2,500 homes on the land, which will connect Kapolei with Ko Olina Resort, where Oceanwide plans to build an Atlantis resort on a lagoon front parcel next door to Aulani, a Disney Resort & Spa.

Oceanwide paid $232.5 million for the three Atlantis parcels totaling 26.27 acres, The company also paid $191.9 million for a second Ko Olina site, three parcels totaling 17.28 acres between the Ko Olina Beach Villas and Marriott’s Ko Olina Beach Club, where Oceanwide plans to build two more hotels.