Tuesday, September 30, 2014         

 Print   Email   Comment | View 3 Comments   Most Popular   Save   Post   Retweet

Stalled Big Isle project might be revived

By Associated Press

LAST UPDATED: 01:56 a.m. HST, Aug 17, 2013

KAILUA-KONA » The creditor and debtors of the bankrupt Hoku­lia luxury development on Hawaii island have come up with a reorganization plan they say will revive the long-stalled development and ensure the county gets $20 million to complete the Mama­la­hoa bypass road.

A hearing on the plan is scheduled for Sept. 16 at U.S. Bankruptcy Court, West Hawaii Today reported Friday.

Phoenix-based developer Lyle Anderson had planned to develop Hoku­lia in three phases on more than two square miles in South Kona. It was to include about 730 residential lots, a 27-hole golf course and clubhouse, and other facilities. It was also to include a public bypass road that would run along the coastline from Napoo­poo to Kailua-Kona.

But the project ran into multiple major setbacks, leading to bankruptcy.

The creditor is investment firm Sun Kona Finance I LLC, which bought debt owned by Anderson's lender, the Bank of Scotland.

The debtors are 1250 Oceanside Partners, development company Pacific Star Co. and Front Nine. Together they have $68 million in assets but liabilities of $646 million.

"We have a restructuring plan and financing in place that, once approved by the court, will transform Hoku­lia," Craig Pickett, manager of debtor entities for Sun Kona Finance I, said in a statement.

 Print   Email   Comment | View 3 Comments   Most Popular   Save   Post   Retweet

You must be subscribed to participate in discussions

Political Radar

Political Radar

Political Radar

Island Crafters
Proud Mommy Status

Wassup Wit Dat!
Got You Now

Warrior Beat
Back on the field

Small Talk
The arm touch

Political Radar
`Not an option’