City Gains 34 Acres Of Kapolei Real Estate
By MidWeek Staff
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The city accepted a deed July 7 from Kapolei Property Development LLC for 34 acres of prime Kapolei real estate in exchange for completing the construction of Kapolei Parkway.
Kapolei Property Development had been required to complete Kapolei Parkway as a condition of an earlier subdivision approval but, given the poor economy, informed the mayor that the work would take longer than anticipated.
As Kapolei Parkway is a major thoroughfare and is integral to Kapolei’s success, the city worked in conjunction with the company to take over the property.
An agreement regarding the land made on March 25 provided a net benefit to the city of approximately $24.6 million. The 34 acres gained by the deal include eight lots fronting Kapolei Parkway and 21 acres previously designated as “restricted lands,” with the requirement that they be used for government purposes. However, the restriction has been removed by their conveyance to the city, thus adding value to the properties.
The city also will gain 13 additional acres without use restrictions and expects work on Kapolei Parkway to be completed by early 2014.
“Completion of another stretch of Kapolei Parkway will not only enhance the value of the adjoining properties, but benefit the people of Kapolei,” said Mayor Mufi Hannemann. “This agreement also will allow us to move faster toward transforming Kapolei not just into Oahu’s second city, but a great city.”
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