Mayor Billy Kenoi to Unveil First Increment of the $43.9 Million Kamakoa Nui Community in Waikoloa on Friday

Mayor Billy Kenoi on Friday, Nov. 18 will unveil the first increment of an attractive new community in Waikoloa that will provide affordable home ownership opportunities near West Hawai‘i employment hubs. At the same time, the mayor will open the gates to a new community park in Waikoloa.

The initial offering of eight homes within the $43.9 million Kamakoa Nui community will feature bungalows and single-family homes. The homes were designed by MVE Pacific, and prices for the new units will range from $240,000 to $325,000.

This single-family home is one of four model homes already built at the Kamakoa Nui Workforce Housing Community in Waikoloa. The community will be blessed Friday, Nov. 18, 2011. Mayor Billy Kenoi and honored guests will be on hand to untie the maile lei to Kamakoa Nui, and the county park which will be opened to the public on that day as well.

Construction of four single-family model homes is complete, with pre-sales of homes in the first increment scheduled to begin next month.

“Our working families deserve this opportunity for home ownership in a desirable, well-planned community that is close to work and recreational facilities,” said Mayor Kenoi, who will untie the maile lei at the park at 10 a.m. and do the same for the model homes about a half an hour later.

“This project benefits the hard-working hotel employees, teachers, firefighters, police officers and others who want their own home in West Hawai‘i. This is an affordable community where they can live comfortably and raise their families.”

The 23 bungalows will be one and two-story units with two or three bedrooms, two baths or two-and-a-half baths, and 1,108 to 1482 square feet of living space.

The 68 one and two-story single-family homes will have three bedrooms, and buyers will have a choice between two baths or two-and-a-half baths. The homes will have 1,361 square feet to 1,512 square feet of living space including lanais.

Kamakoa Nui is being developed by the County of Hawai‘i, and will eventually grow into a diverse community of about 1,200 rental and for-sale homes on 268 acres in Waikoloa.

“I am delighted that the model homes of the Kamakoa Nui housing project are complete,” said Steve Arnett, county Housing Administrator. “I am so proud of my staff who implemented the plans and specs to completion, specifically Dan Russell, Michael Prinslow and Annie Bailey.”

The first phase of Kamakoa Nui will include a new 12-acre county park in Waikoloa. The park features a baseball diamond designed for youth baseball and senior softball games. It will also include a new high school-regulation soccer field that can double as a Pop Warner football field.

“Kamakoa Nui Park and Housing Project is another example of Mayor Billy Kenoi’s administration working together focusing on ‘laulima’ to accomplish great things for island residents,” said Parks and Recreation Director Bob Fitzgerald.

“We now have additional field space in Waikoloa to schedule more practice and game time for teams participating in sports such as soccer and baseball. There will now be a home field for the possible start up of a new Pop Warner football team in Waikoloa.”

This bungalow-style home is one of four model homes already built at the Kamakoa Nui Workforce Housing Community in Waikoloa. The community will be blessed Friday, Nov. 18, 2011. Mayor Billy Kenoi and honored guests will be on hand to untie the maile lei to Kamakoa Nui, and the county park which will be opened to the public on that day as well.

The park also includes a comfort station, event lawn and parking, and a private group is developing a skateboard park on a designated portion of the park site.

Hawaii County has contracted with Aldridge Associates, a real estate brokerage firm specializing in the Waikoloa market, to market the first increment of the project. The project will offer financing to qualified buyers with a down payment of up to 5 percent of the sales price.

To qualify, buyers should live within a 30-mile radius of Kamakoa Nui and have an income of 70 percent of the area median income (AMI). Potential buyers must also live in the homes and cannot have owned a home within the last three years.

To discourage speculation and help to keep the units affordable, owners who re-sell their units at Kamakoa Nui within 15 years of their initial purchase will be required to share any windfall profits from the re-sales with the county. After 15 years, all restrictions on re-sales are satisfied.

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