Capbridge Pacific LLC, a local subsidiary of Tokyo-based Capbridge Group, has plans to construct a $300 million time-share project on the site of the former Aston Maui Lu in Kihei.

Capbridge said it is collaborating with Hilton Grand Vacations to redevelop the 28-acre beachfront site into a time-share resort that will break ground in late 2015 and open in 2017.

The redevelopment project is the Capbridge Group’s first venture in Hawaii and will be the first Hilton Grand Vacations property on the island of Maui.

The project "will provide a significant improvement to Kihei and a major economic boost to Maui," said Will Beaton, president of Capbridge Pacific. "Maui continues to be one of the most desirable destinations for the vacation ownership market. Hawaii’s relationship, from both a geographic and business perspective, with both the U.S. mainland and the Asia-Pacific region, is a great fit with our company’s growth and investment strategy."

While the project is Capbridge’s first in Hawaii, Beaton said he and Frank Orrell, the chairman of Capbridge Group, have been involved in Hawaii’s commercial real estate markets for some time.

"Our longtime chairman worked for CBRE in Hawaii in the late 1980s and most of the 1990s," Beaton said. "He’s lived in Hawaii and loves Hawaii and wanted to do things here. We’ve known each other since the late 1980s, so I was delighted when he came to me and asked me to join him in this endeavor."

Situated on the eastern edge of Maalaea Bay adjacent to the Humpback Whale Sanctuary Visitor Center and Kalepolepo Beach Park, a state conservation area, Beaton said the project will be developed as a villa-style, Hawaiiana resort featuring 388 one-, two- and three-bedroom residences. The resort, which boasts 740 feet of oceanfront property, also will feature a beach club and great lawn as well as a superpool, fitness center and kids and teen centers. Beaton said time-share buyers also will be linked into Hilton’s wide network of vacation experiences.

"Quite frankly, we wouldn’t have looked at this project if we couldn’t have entered into an agreement with Hilton. We feel that they are the best in the world of time share," he said.

Beaton said that Capbridge and Hilton will complete the project in phases. Removal of the circa-1950s Aston Maui Lu, which was closed Sept. 10 by the prior owner, is expected to start in about six weeks, he said.

Former Maui Lu owners, who began marketing the property in earnest in 2012, had obtained a special management area permit to demolish the hotel and replace it with a 388-unit time share.

"There was lots of deferred maintenance, so we need to tear it down. We hope to start construction by the end of 2015," Beaton said.

"We are in the design phase now and still have to obtain building permits."

Beaton said Group 70 International will serve as the architect for the project, which will be constructed in two or three phases due to its expansion size.

"Sales should begin in early 2016 with the first phase completed and open for occupancy by mid-2017," he said.

Beaton expects the resort will appeal to a broad demographic of buyers from North America, Japan and China, which the company hopes to develop into a strong time-share market for Hawaii.

"We have an office in Shanghai, so it’s a perfect opportunity to work on this fledging market. Hilton doesn’t have any sales centers in China now, but we hope to work to change that," he said.

Hilton already has multiple time-share sales offices in Japan, whose travelers have a long history with Hawaii, Beaton said. Likewise, demand should be strong from the U.S. and Canada, which have been important buyer groups of Hawaii time shares for some time.

"Maui in particular has been in very high demand. That’s one of the reasons that Hilton wanted a presence there," he said.