PULEHU ROAD / KULA / MAUI COUNTY / HAWAII 1,841 ACRES / 86 ESTATE LOTS ADVISORY SERVICES PROVIDED BY: LISTING BROKER: CUSHMAN & WAKEFIELD THE LAND GROUP 4747 Executive Drive, 9th Floor San Diego, CA 92121 USA MATT DAVIS Director matt.davis@cushwake.com CA Lic. #1758818 TERRY JACKSON Director terry.jackson@cushwake.com CA Lic. #00669485 CUSHMAN & WAKEFIELD CHANEY BROOKS 1440 Kapiolani Blvd, Ste 1010 Honolulu, HI 96813 USA JOSEPH T. HAAS (PB) Managing Director jhaas@chaneybrooks.com
PROPERTY SUMMARY CUSHMAN & WAKEFIELD AND CUSHMAN & WAKEFIELD CHANEY BROOKS are pleased to present the rare opportunity to acquire a 1,841 acre estate lot subdivision in the Kula region of Maui, Hawaii. The ranch is currently used for cattle grazing and has an approved plat map for 86 estate lots ranging in size from 5-40 acres. With Civil Engineering drawings near 90% complete, it is estimated that a purchaser could complete the remaining conditions of approval and lots could be delivered in 18-24 months. Additionally, the approved agricultural subdivision includes a large lot for future agricultural use that is envisioned to produce organic vegetables, herbs, fruits and industrial hemp presenting a purchaser the ability to leverage additional revenue generators beyond a traditional lot sale program. 1,841 ACRE ESTATE LOT SUBDIVISION IN THE KULA REGION OF MAUI
OFFERING HIGHLIGHTS Approved 86 estate lot subdivision with lots ranging from 5 to 40 acres Engineering construction drawings 90% complete Ideal Kula location with expansive views of the Pacific Ocean and West Maui Mountains Two water wells with County approval as the long term source of water for the subdivision Not subject to affordable housing restrictions
PROPERTY DETAILS ADDRESS SIZE TAX ASSESSORS PARCELS (TMK) GENERAL PLAN LAND USE DESCRIPTION MUNICIPALITY ACCESS TOPOGRAPHY UTILITIES Pulehu Road & Naalae Road, Kula, Maui, HI 96790 1,841 Acres 2-2-3-002-004 (725 acres) & 2-2-2-002-017 (1,116 acres) view on next page Agriculture Kula, District of Kula, County and Island of Maui Currently accessible through multiple gates along Pulehu Road, and a gate at the Makai terminus of Naalae Road Gentle slope upward from west to east ELECTRICITY Maui Electric overhead electricity lines extend along Pulehu Road and an electrical substation is located across Pulehu Road near the northeast corner of the holding. WATER - Water availability in the Kula area is a major development constraint for properties or ownerships that either do not possess, or are unable to develop, private systems, or have no water commitments from the county. County water lines are present in certain portions of the surrounding community. The subject property has a private potable water system comprised of two wells constructed at a cost of approximately $2,700,000. A letter from the County of Maui Water Department indicated the wells have been certified as an acceptable long-term source of water for the development. Additionally, the subject property has an allocation of agricultural water available from the adjacent County of Maui agricultural park. SEWER - Individual septic waste water treatment systems are planned for the subject site as there are no public waste systems in Kula.
TAX MAP - 2-2-3-002-004 (725 ACRES)
TAX MAP - 2-2-2-002-017 (1,116.2 ACRES)
DEVELOPMENT DETAILS CONCEPT Kula Farm Estates plans to create a community in harmony with the existing Upcountry farming and ranching traditions. Future residents will enjoy unparalleled sunset and ocean views and expanses of beautiful countryside and cool grasslands where cattle can graze and roam. A trail system will wind into forest glades and onto ridges allowing horseback riding or hiking at the perimeter of the site. STATUS A preliminary approval for an 86-lot agricultural subdivision was granted on November 24, 2006 (Subdivision File Number 2.2980) and a final subdivision Plat Map was submitted to the County of Maui in November of 2011. This map stopped the clock on the preliminary map and there are no known time limitations on the remaining processing tasks to convert that plat to a final map. The final subdivision application is presently in hold position with no deterioration of entitlement. The civil construction plans have been completed to about 90% pending changes to the drawings in response to comments from agencies on the plans. In order to achieve a final plat approval for the current map, the following items must be performed. 1. Complete the stream Alteration Permit and 404 permitting process 2. Complete all requested changes to the civil plans and final plat as noted by the agencies 3. Complete all testing and processing of drawing and permits for the private water system 4. Complete all necessary documents for project registration with DCCA including CPR and water association documents, design guidelines, etc. 5. The current map does not provide for project phasing with the result being that all proposed improvements must be completed or bonded prior to receipt of final map. 6. To achieve a final map the ownership must either complete all civil work and/or bond the improvements The most time consuming issues leading to a final subdivision approval are final approval through the State DOH Safe Drinking Water Branch and the culvert crossing permits requiring processing with the Army Corps of Engineers and Water Quality Branch of the State DOH. With the ACOE and DOH approvals in hand and all civil engineering comments adressed, it is legitimate to assume a final map can be achieved in due time.
PRELIMINARY SUBDIVISION MAP MINIMUM LOT SIZE (ACRES) NUMBER OF LOTS 5 28 15 31 25 18 40 9 TOTAL 86 37
AGRICULTURAL COMPONENT The residential subdivision revenue will be anchored by a large organic farming program on a designated 324 acre parcel. Production of high quality organic vegetables, herbs, fruits, and industrial hemp will be managed by a local farming cooperative that will expand the initial operation into the future lot owners parcels for added value. Most of the acreage beyond the developed area of each residential parcel could be planted leaving plenty of room for estate homes and yards. Lot owners will benefit from readily available locally produced foods as well as receiving an annual lease payment for the portion of their lot that is within the Lot Owners Association. The farming operation is expected to begin with high value vegetables, medicinal herbs and hemp to provide immediate income, with a parallel system of a variety of crops that have longer growing cycles such as sweet potato, taro, and moringa. Additionally, the property was awarded one of 3 industrial hemp licenses in the state of Hawaii. A farm program that utilizes this permit in conjunction with traditional row crops commonly farmed in the area could present another substantial avenue cashflow in addition to a residential lot sale program.
LOCATION The property is located in Upcountry Maui in the Kula District, west of Kula Highway, about 20 minutes from the Island of Maui s Kahului Airport (OGG) via a two lane paved highway. It is bordered to the north by Pulehu Road, by farm and conservation land to the south and west, and by Hawaiian homestead lands (farms and homes) to the east.
KULA, HAWAII Found in the Upcountry region of Maui, Kula is a quaint, rustic area on the slopes of Haleakala. Located in the central part of the island, Kula is also at the center of Maui s culinary resurgence, with much of the exotic produce served at the island s best Hawaii Regional Cuisine restaurants grown right here in the rich, volcanic soil. Locals know to escape the heat, head to the rolling hills and expansive pasture land of Kula, and the laid-back communities beyond of Ulupalakua and Keokea. Kula means open country, and this area that sits between 2,500 to 4,000 feet above sea level, is known as the breadbasket of Maui. The area has a rich agricultural history with many farms and ranches continuing to operate today including the Maui Agricultural Park which is adjacent to the Kula Ranch Estates. The farm to table phenomenon has catapulted many gardens and farms into creating some outstanding farm tours and tasting opportunities of their locally made products. The area is known for its tropical gardens, lavender, protea, sweet Maui onions, goat cheese, coffee, carnations and orchids, cattle, and plenty of cowboys, artists, and generations old farms. With sweeping views of the Pacific Ocean and a cool breeze, this part of Maui is a welcome reprieve from the busy tourism hubs of Kihei and Wailea. The Kula area is located approximately 20 minutes from the Kahului Airport and 16 miles from the Civic Center of Wailuku. The two primary roadway systems serving the Kula area (Makawao district) include the Haleakala and Kula Highways. Facilities within a ten-mile radius include: Kula Elementary School, King Kekaulike High School, the Kula Lodge and restaurant, the Silversword Inn, and several financial institutions.
MAUI, HAWAII Maui is the second largest Hawaiian island at 727.2 square miles, situated midway between Oahu and Hawaii, and often called the Valley Island, because of its valley-like isthmus between two mountain masses. The island is known for its world-famous beaches, the sacred Iao Valley, views of migrating humpback whales, farm-to-table cuisine and the magnificent sunrise and sunset from Haleakala. It has been voted Best Island in the U.S. by Condé Nast Traveler readers for more than 20 years. Maui is approximately 48 miles (76.8km) long and 26 miles (41.6km) wide, totaling 729 square miles. Maui is part of the State of Hawaii and is the largest of Maui County s four islands: Moloka i, Lāna i, and unpopulated Kaho olawe. Wailuku is the seat of government for Maui County. Kahului is the largest census-designated place (CDP) on the island with a population of 26,337 as of 2010 and is the commercial and financial hub of the island. The central windward area of the island is the major site of Maui industrial activity, and the employment and resident population center of the county. Maui s climate is generally warm and pleasant year-round with an average temperature of 63.95 F. The beaches of West and South Maui are excellent, and among the most accessible and well maintained in the state. Protected for the most part by the Channel Islands, swimming and diving is superior all along this coastline. Many of the beaches are county parks, preserving this attribute for future visitor and resident use.
MAUI, HAWAII Maui offers many scenic highlights, including Haleakala National Park, the Hana Coast, and Iao Valley. One of the most popular experiences include watching the sunrise at the summit of volcano Haleakala and for some, the thrill of a bike ride down the winding road. Other popular attractions are Upcountry s Farmers Market, the untouched beach of Makena State Park, old Laihna town with its numerous historical sites, whale-watching excursions, zip lining adventures through rainforests, a tour at Tedeschi Vineyards, and excellent golf courses in West and South Maui.
CUSHMAN & WAKEFIELD THE LAND GROUP 4747 Executive Drive, 9th Floor San Diego, CA 92121 USA MATT DAVIS Director matt.davis@cushwake.com CA Lic. #1758818 TERRY JACKSON Director terry.jackson@cushwake.com CA Lic. #00669485 CUSHMAN & WAKEFIELD CHANEY BROOKS 1440 Kapiolani Blvd, Ste 1010 Honolulu, HI 96813 USA JOSEPH T. HAAS (PB) Managing Director jhaas@chaneybrooks.com CUSHMAN & WAKEFIELD DEBT & EQUITY MARK A. ROOT Managing Director mark.root@cushwake.com CA Lic. #01839541 K U L A RANCH ESTATES PULEHU ROAD / KULA MAUI COUNTY / HAWAII 1,841 ACRES 86 ESTATE LOTS