Ainamalu Street
Waikoloa, HI 96738

Development commenced in 2018, with Phase 1 consisting of 40 single-family residential lots. Developer-built homes were completed and sold on 39 lots. The property in this offering includes the balance of the undeveloped land, including 58 acres zoned for multifamily residential RM-6 & RM-8, 4.853 acres zoned for village commercial, CV-10, one vacant lot in Phase 1, and 175.64 acres in the Open District. 
The project was allocated a total density of 420 residential units, including 60 multiple-family units allowed on the CV-10 zoned parcel. The allocation is within the overall limit of 3,365 residential units permitted for the entire Waikoloa Beach Resort per the State and County land use, zoning, and Special Management Area Use Permit for which the master developer, Waikoloa Development Co., and its affiliates have maintained compliance with all conditions and fulfilled requirements, including affordable housing and community benefit contributions. 
Phase 1: One vacant single-family residential lot, 15,595, fronting the King's Golf Course, will be included in the sale. Thirty-nine homes were sold in Phase 1. 
Phase 2 - Final Subdivision Approval of the 8.622-acre parcel into 20 single-family residential lots has been granted. The subdivision improvements have not been completed. The site has been graded with level pads for building sites and street alignments in anticipation of the streets and utility line installation. The lots have sweeping coastal and mountain views: six face the ocean, and fourteen have mountain views. (The 8.622 acres is zoned Multiple Family Residential (RM­B), one unit per 8,000 SF, and has been subdivided under PUD 49 for single-family lots of a minimum of 10,000 SF. The seller is in the process of finalizing bids for the horizontal improvements for Phase 2 and may commence work on that phase should it obtain a satisfactory offer for the 20 home sites. Should Phase 2 be included in any sale, Seller will require reimbursement for expenses to date with respect to said improvements.
In-place improvements include the 80' wide entrance road with 20 feet wide landscaped median strip, separating 14 feet wide paving for each lane, 16 feet wide grassed drainage swales, and landscaping with lava rock walls. Installation of utility lines and conduits into the project, interior streets within Phase 1, and mass grading with pad sites for the 20 residential lots in Phase 2, for which final subdivision approval has been granted. All residences developed within the project area may be used as vacation rentals or as primary and secondary homes. 
Phase 3—The 14.728-acre parcel is zoned Multiple-Family Residential (RM-6) with golf course frontage on the south side and open space to the north. Tentative Approval of a Preliminary Plat Map for 48 single-family residential lots was granted, with 24 fronting the golf course. Alternatively, the parcel may be developed with up to 114 multiple-family residential units to be sold under a condominium property regime or retained as income-producing vacation rentals. 
Phase 4: The 32.363-acre parcel is zoned RM-8. Conceptual engineer’s drawings for the 87 single-family residential lots 10,000 SF have been prepared. Alternatively, the property may be developed into 176 multiple-family residential units to be sold under a condominium property regime or retained as income-producing vacation rentals. 
CV-10 Site: 4.853 acres. Up to 60 units and commercial venues to exclusively serve the owners of residences in Ainamalu and their guests may be located on the site.
Land Area: Forty parcels with a total land area of 238.60 acres. 
Open District Land Areas - The former developer had plans to seek a change of zone (CO2) for approximately 45 acres that had formerly been planned for golf course fairways from Open District to Residential to complete the subdivision into 155 single-family residential lots for which a civil engineer prepared a preliminary plat. No application for the CO2 has been submitted. 
Permitted uses within the Open District include, among other uses, "(10) Private recreational uses involving no above-ground structure except dressing rooms and comfort stations." Also, "(c) Uses considered directly accessory to the uses permitted in this section shall also be permitted in the O district." HCC Section 25-5-162. Permitted uses in Open districts.