By Duane Shimogawa, Reporter, Pacific Business News
A Chinese company that plans to develop a luxury hotel and residential condominium on 23 acres of land in West Oahu is buying a planned 516-acre master-planned golf course community from James Campbell Co. that would connect the City of Kapolei with Ko Olina Resort, the seller confirmed to PBN.
Steve Kelly, an executive with James Campbell Co., one of the largest landowners in Hawaii and the master developer of Kapolei, told PBN Tuesday that the company has an agreement with China Oceanwide Holdings Ltd. for “potential property and infrastructure investments in the Kapolei West” property.
“The agreements are still subject to a number of conditions and discussions are ongoing,” he said. “The agreements are applicable to the entire Kapolei West project area.”
China Oceanwide Holdings has investments in various sectors, including real estate, finance, energy and media.
In December, the company purchased two oceanfront lots at the 642-acre Ko Olina Resort for nearly $200 million from The Resort Group, the master developer of Ko Olina Resort that is headed by Jeff Stone, and a subsidiary of The Harry and Jeanette Weinberg Foundation. The total development, which will include a 150-unit condo tower and a 150-room hotel, is expected to cost $1 billion. The project will also have commercial tenants.
China Oceanwide Holdings did not specify the luxury brands that it would use for either tower. It has targeted 2018 as the opening date for the Ko Olina project.
Kapolei Property Development, a real estate subsidiary of the James Campbell Co., won zoning approval in 2008 from the Honolulu City Council for the 516 acres in Kapolei West, which were rezoned from agriculture to multifamily A-1 and A-2 and apartment mixed-use for some 2,400 townhouses and apartments, as well as preservation land for a planned golf course.
The land is key to the residential component of the Kapolei Area Long Range Master Plan, which aims to infuse a variety of housing options to expand the base residents in the area.
Kapolei West was projected to create 2,575 construction jobs and about 3,600 permanent jobs.
It is one of three future projects for James Campbell Co. that cover a total of more than 2,600 acres in West Oahu, including the 1,781-acre Makaiwa Hills residential mixed-use community on the mauka side of Farrington Highway and the 345-acre Kapolei Harborside industrial land located between Kalaeloa Harbor and Kalaeloa Boulevard. The company also has told PBN that it is looking to sell these projects as well.
In 2013, James Campbell Co. put its Kapolei West property on the market for an undisclosed price with the Washington D.C.-based private investment banking firm, East-West Financial Services Ltd.