A Denver-based company is taking over the partially developed Kukui‘ula resort housing subdivision on Kauai from a partnership led by Honolulu-based Alexander & Baldwin Inc.
A&B announced the $183.5 million sale completed today.
A&B and its Arizona-based partner, DMB Development LLC, sold the 1,000-acre project to Brue Baukol Capital Partners, a real estate investment firm.
Kukui‘ula is slated for 1,200 homes, and includes a golf course, a $100 million private club and spa as well as a retail center, the latter of which is being retained by A&B.
Construction began in 2006 on the master-planned project between Poipu and Lawai Valley on Kauai’s southern shore where A&B once farmed sugarcane, following several years of planning and entitlement work. To date, about 280 house lots have been sold, or about 23% of the planned total. About 125 homes have been built.