A Chinese company has completed its purchase of 514 acres of undeveloped land for residential development in Kapolei from James Campbell Co.
Campbell Co. said the $103.4 million sale to China Oceanwide Holdings Ltd. will advance development of Oahu’s “Second City” as the seller and buyer begin installing road and drainage infrastructure for the site, known as Kapolei West, that was approved in 2008 for up to 2,500 homes, a golf course, an elementary school and a transit hub.
No timetable was given for home construction on the site, which is between the City of Kapolei and Ko Olina Resort & Marina.
“This is an important step in fulfilling the Kapolei Area Long-Range Master Plan,” Richard Dahl, president and CEO of Campbell Co., said in a statement. “Since Kapolei West’s approval in 2008, we have sought out an exceptional residential master developer to bring the long-standing plans for this project to fruition. China Oceanwide has a strong track record of investment, with significant U.S. investments since 2013, and is currently developing resort properties in Ko Olina.”
Campbell Co. said it is partnering with China Oceanwide to immediately spend more than $23 million on infrastructure improvements that will include extending Kapolei Parkway.
The purchase by China Oceanwide follows two other acquisitions the company has made in Hawaii this year. The other purchases were a $280 million beachfront site at Ko Olina on which the company plans to build a hotel under the Atlantis Resorts brand, and a nearby $200 million beachfront site on which up to two luxury hotels and one luxury condo are envisioned.
China Oceanwide is an affiliate of Oceanwide Holdings Co., a Chinese conglomerate engaged in real estate, finance and investing primarily in China. Last year, the company adopted an overseas real estate development strategy and has looked at Hawaii as an attractive market in which to invest.