$500M Remake of Kauai’s Princeville Resort to Bring 600 Jobs
- Dec 01, 2014
With the $500 million redevelopment of an approximately 1,100-acre portion of the Princeville Resort in Hanalei on Kauai’s North Shore, the Garden Isle’s economy could gain as many as 600 permanent jobs, along with an annual multimillion-dollar cash flow.
In a $343 million deal, the property was recently acquired through a partnership between Hawaii landowner and developer The Resort Group and Reignwood International, owned by Thai-Chinese businessman Chanchai Ruayrungruang.
According to the Pacific Business News, the redevelopment project is expected to span the next decade. Plans call for 350 residential units, a possible boutique hotel, a newly upgraded Prince Golf Course, as well as a spa, wellness center, polo fields, equestrian course, airport, beach club, hiking trails, mountain biking and ocean adventure activities.
Scottsdale-based real estate developer and manager Discovery Land Co. has been selected to manage the resort starting Jan. 1.
“The Princeville lands are truly sacred, and we intend to develop them in a way that pays homage to their purity,” Michael Meldman, founder, chairman & CEO of Discovery Land Co., said in a statement. “We are fortunate to be in partnership with The Resort Group and Reignwood, both of whom share our strong belief that responsible development draws inspiration from the environment and local customs of the property’s location.”
Discovery Land also developed the Kukio Resort on the Big Island, a private oceanfront community whose members include Dell Inc. founder Michael Dell, and is currently involved in the $230 million planned redevelopment of the Makena Resort on Maui. The company now has 18 projects in its portfolio.
“Discovery Land Co. brings a wealth of experience in designing and managing high-end residential club communities, golf courses and resorts to Princeville,” added Jeff Stone, founder of The Resort Group. “They share our deep respect for the natural beauty and traditions of the Princeville lands, as well as our vision for sustainable, long-term development that will bring lasting economic benefits to our local ohana and our island community.”
Photo credits: www.princeville.com
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