Firm puts Waikoloa acreage up for sale

A California-based investment firm that once envisioned selling million-dollar rural home lots in Waikoloa on Hawaii island is attempting to sell the 732-acre project site along with another 9,287 acres of mostly agricultural land.

Glendale, Calif.-based Waikoloa Mauka LLC has listed its 10,019 acres with broker NAI ChaneyBrooks for $34 million. The brokerage firm said the land is appraised for more than twice that much.

According to property records, Waikoloa Mauka bought the roughly 10,000 acres from Wai­koloa Land & Cattle Co. and Waikoloa Development Co. for close to $60 million in 2005.

Waikoloa Mauka had obtained state and county approval to develop 398 rural residential lots on 732 acres but didn’t proceed with development.

According to a 2007 environmental impact statement, the development cost for the project called Waikoloa Highlands was projected at $49 million, and lots were expected to sell for $768,600 to $1 million. An initial phase called Wailani was planned to feature a network of man-made lakes and streams.

This is the second time in two years that Waikoloa Mauka has listed some of its land for sale. Last year the property owner listed 8,168 acres of its Hawaii island property for $37 million.