The Mills Group and the Harry and Jeanette Weinberg Foundation are putting nearly 460 acres of land in Kahului on the market for sale, including the 18-hole Dunes Maui Lani golf course, commercial buildings and lots at Maui Lani Village Center and undeveloped residential land zoned for up to 1,900 homes.
The two landowners each hired Matt Davis of Cushman & Wakefield’s Land Advisory Group and Anthony Provenzano of Honolulu-based Cushman & Wakefield ChaneyBrooks to market the two properties concurrently, with no asking price for either offering.
The Mills property is about 266 acres, including The Dunes at Mauna Lani golf course, a residential parcel of 62.5 acres and 25 graded and stubbed commercial lots and four leased mixed-use buildings at the Maui Lani Village Center.
The Mills Group, Maui Lani’s master developer, “felt the timing was good” to exit the project after nearly 25 years, said President Stacey Takaba.
Maui was the hardest-hit by the tourism shutdown last year because of the Covid-19 pandemic but has been enjoying a resurgence of visitor traffic and investment this year.
Maui Lani is entitled for 3,700 homes. To date,1,400 homes have been built in nine residential subdivisions — The Greens, The Grand Fairways, Grand Fairways North, The Island and Bluffs, Sandhills Estates, Legends and Na Hoku, The Traditions, The Parkways and The Heritage at Maui Lani — by homebuilders including D.R. Horton — Schuler Division and Gentry Homes.
The Weinberg Foundation’s decision was tied to its mission, said Giorgio Calderone, managing director of Hawaii real estate for the Maryland-based foundation, which has increased its grant making in Hawaii to $12 million per year and has sold a number of other parcels in the Islands, on Oahu, Maui and Hawaii Island.
“The sale of this property is consistent with the Weinberg Foundation’s long-term strategy to ensure our assets help fund the foundation’s annual grant making and advance our mission to meet the basic needs of people experiencing poverty,” Calderone said in a statement emailed to Pacific Business News.
The Weinberg land covers 192 acres over four parcels, including one 148.6-acre parcel that wraps around a portion of the golf course, the majority of which is for residential use.
“Kahului is Maui’s hub for commercial activity and an attractive community for locals and visitors, offering an abundance of amenities including pristine beaches, world class shopping centers, and natural attractions,” Provenzano said in a statement. “As evidenced by record home prices and over 2,390 single-family homes/condos sold last year on the island, demand for residential housing remains extremely strong, especially for homes under $1 million.”