ML&P sells 46 acres of Kapalua Resort for nearly $44M
Maui Land & Pineapple Co. reached an agreement to sell 46 acres at the center of its Kapalua Resort for nearly $44 million to Delaware limited-liability company KCRMD LLC, according to financial filings.
The purchase agreement has a due-diligence period ending July 31 and a closing date 45 days after that.
The project, called Kapalua Central Resort, has its state and county land use entitlements and was designed as a commercial town center and residential community at the core of the existing resort.
The $43,850,000 sale includes all existing easements, rights of way, improvements, development rights and entitlements, a U.S. Securities and Exchange Commission filing said. The purchase and sale agreement went into effect Thursday.
KCRMD will deposit $500,000 of the purchase price into escrow, which will be applied to the purchase price at closing. If the company decides not to complete the purchase before the end of the due-diligence period, the escrowed amount will be refunded to KCRMD. The escrow amount will be a nonrefundable deposit if the company moves forward with the purchase when the due-diligence period ends.
With plans for up to 61,000 square feet of commercial space and 188 condominium and multifamily residential units, the Kapalua Central Resort project is located at the center of ML&P’s 22,000-acre Kapalau Resort.
The project was designed to be an “outpost” and the “main, shared experience for all associated with the resort,” according to design firm Shook Kelley. Plans included a restaurant, church, villa housing, housing cottages, a golf clubhouse, offices, an art school, market pavilions and retail space, among other features.
Kapalua Central Resort project obtained state and county land use entitlements more than a decade ago, but construction on the project has been repeatedly postponed, county documents show. Recent ML&P reports had projected completions between 2020 and 2039 for portions of the project.