Not all of the 385 Makena Beach & Golf Resort workers will be laid off when the resort closes in July, with 75 employees staying on for Makena golf course, restaurant, landscaping and security operations during construction of a $240 million high-end condominium project, resort officials said Friday afternoon.

The 310-room resort will close July 1 to make way for the development of the Makena Golf & Beach Club, a private beachfront community and club in Makena. Resort officials made the closure announcement Tuesday.

Discovery Land Co., which has been selected by resort owner ATC Makena Holdings to manage the development, has begun making preparations for the new Makena Golf & Beach Club and is consulting with the existing resort’s executive team on the resort closure.

Discovery Land, a real estate development company based in Scottsdale, Ariz., also announced the planned hiring of 75 former resort workers for jobs during the construction. “Hundreds of additional jobs” will be created when the project is completed, according to a news release.

The project is estimated to generate 400 new construction jobs.

“We are very excited to begin the next phase of this development and for what it will mean to the local community,” said Michael Meldman, chairman and CEO of Discovery Land, which is involved in 18 U.S. properties. “We are in this for the long term and are committed to being a good neighbor, by helping the entire community prosper.”

The hotel opened in 1986 as the Maui Prince Hotel. Owner Seibu Group of Japan sold the hotel to Makena Hotel LLC in 2007 for about $570 million. The property went into foreclosure two years later and ATC Makena purchased much of the resort in 2010 for approximately $190 million.

ATC Makena Holdings is a consortium involving Honolulu’s Stanford Carr Development, Trinity Investments LLC and New York-based AREA Property Partners.

In filings with the Maui Planning Commission in 2014, ATC Makena said that it would turn the current six-story, 310-room hotel into 46 fee-simple, two- to five-bedroom apartments. Owners would have the option of renting out their units as short-term vacation rentals as part of the community’s rental program, according to a docket filed with the planning commission.