Since acquiring the Kahuku Village and Kahuku Golf Course in 2006 from the James Campbell Estate, Continental Pacific has continuously expressed its desire to create an opportunity for homeownership for those living in Kahuku Village 5.
In November 2012, our first and largest condominium property regime called New Camp — 51 units — was approved, and in December, we offered each resident more than 30 days to sign a purchase contract to purchase a fee-simple unit at New Camp for $150,000.
Some of the people who signed contracts have closed their purchases already, and others have been given extensions as we have worked with their lenders to facilitate their purchases.
As of today, 13 happy families have purchased (or are in the process of purchasing) property with a home in Kahuku Village 5. Two more longtime residents purchased vacant units and eagerly await building permits to construct their dream homes on their properties. Recent appraisals show a fair market value averaging approximately $400,000. All of these fee-simple properties (average size of 10,000 square feet) were purchased by existing village residents for $150,000.
Continental Pacific has given each of the residents who elected to purchase, a $4,000 cash credit. Those kamaaina families who decided to purchase received instant equity of $250,000 and an opportunity to own North Shore land on the makai side of the highway. The people who purchased are happy with their decision and we encourage the media to talk to them.
A small number of month-to-month lessees at Kahuku Village 5 chose not to buy their properties, and instead, seek to impede Continental Pacific’s efforts to facilitate home ownership for the lessees. Their efforts have included:
» Threatening to sue a lender if he took financial information needed to qualify the month-to-month lessees for a loan.
» Falsely claiming that Continental Pacific would not install promised infrastructure. In truth, we have met every promise made to the people of Kahuku Village 5 and will continue to do so.
Out of approximately 70 Kahuku Village families, approximately 15 — each of whom chose not to buy for $150,000 — are in summary possession proceedings for various reasons.
Yes, it is true that things have changed in Kahuku Village. There are now paved roads, fire hydrants and a newly upgraded water system that services each of the existing homes and future homes. All new construction is limited to the same plantation-style housing to preserve the unique character of the Village.
Everything Continental Pacific has done at Kahuku Village 5 has fully complied with all applicable laws and regulations, including those relating to historic preservation and the treatment of iwi. Anyone who claims otherwise is misinformed. From the first day, the State Historic Preservation Division (SHPD) recommended employing an archaeologist at Kahuku Village 5 — we did so — and we have complied fully with each and every recommendation made by the archaeologist and by SHPD.
There have been challenges for us along the way, but it is certainly gratifying for us to receive letters in the mail from the families who have purchased.
It is a great feeling to see keiki on bikes and skateboarding down the newly paved roads, past the homes their families will own for generations to come. We believe this is pono. We believe this is a genuine way for Continental Pacific to help the local community, and we are very proud of what we have been able to accomplish so far.
