The developer of the oceanfront property is a joint venture of Maui Land & Pineapple Co. Inc., the Ritz-Carlton Hotel Company LLC and Exclusive Resorts. The targeted occupancy date is late 2008. GlobeSt.com first reported on the project in January 2005.

MLP vice president Ryan Churchill tells GlobeSt.com the hotel will close April 7 and be demolished shortly thereafter. Pre-sales for whole ownership units will begin at the end of this month, with prices starting at $4 million, and fractional units in the Ritz Carlton Club will begin in July. Twenty-eight of the residences will be purchased by Exclusive Resorts for use by its members.

Kapalua Bay will include the Residences at Kapalua Bay, offering 84 private ownership homes, and the Ritz-Carlton Club, which will consist of 62 furnished two- and three-bedroom residences (averaging about 1,900 sf) that will be sold in deeded one-twelfth fractional ownership interests. All units will be managed by Ritz-Carlton.

Units will be housed in buildings ranging in size from three to six stories and will share common amenities, including a 6,100-sf beach club and 8,500-sf multi-level recreational area including a lagoon-style pool, and bar and grill. Residents also will have access to resort golf and dining privileges, and a 30,000-sf spa.