BIG ISLAND, HI-GlobeSt.com has exclusively learned thatSheldon Good & Co., a Racebrook Portfolio Co., will conduct the auction of 1010 Puako, an 810-acre development property situated along scenic South Kohala Coast on the Big Island of Hawaii. According to the firm, 1010 Puako is a “unique investment opportunity” due to its location within the South Kohala Community Development Plan for Urban Expansion and its recently approved Planned Unit Development for 145 homes sites (2-4 acres in size).
According to the firm, 1010 Puako will be sold via sealed-bid auction. “The sale represents a compelling opportunity for a developer, investor or private buyer seeking to acquire prime, development land at an incredible discount to market value.”
GlobeSt.com learns that the site was recently appraised for $14 million. 1010 Puako is located 30 minutes north of the Kailua-Kona International Airport on the Queen Kaahumanu Highway between the world famous Mauna Lani and Mauna Kea Resort/Communities.
In addition to the near mile of highway frontage, the property has ocean and sunset views and is located one mile from the Hapuna Beach. A 16-inch water well has been completed that is anticipated to pump 1.1 million gallons a day. Additionally, an application has been submitted for a 2.7 Megawatt solar installation that would provide power to the project and possibly to neighboring communities, according to Sheldon Good & Co.
”1010 Puako presents a compelling opportunity for a smart and savvy investor to leverage a unique one-of-a-kind asset, situated alongside the scenic backdrop only Hawaii can provide,” says John J. Cuticelli Jr., CEO of Racebrook. “The auction allows the buyer to potentially purchase the property at a significantly discounted price relative to market value and enables the new owner to realize tremendous upside.”