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Alaskan Developer Drops Price of 13-Acre Oceanfront Poipu Beach Subdivision to $19M

November 6, 2019
Alaskan Developer Drops Price of 13-Acre Oceanfront Poipu Beach Subdivision to $19M
Alaskan Developer Drops Price of 13-Acre Oceanfront Poipu Beach Subdivision to $19M

POIPU, Hawaii--(BUSINESS WIRE)--Nov 6, 2019--

Citing a need to be more in step with market pricing, Alaskan developer CIRI Land Development Company announced today it is dropping the price of Makahū‘ena Estates, its prized 13-acre subdivision, from $20 million to $19 million. Makahū’ena Estates is the last remaining undeveloped oceanfront land along iconic Poipu Beach.

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The last undeveloped oceanfront land along Poipu Beach price drops from $20 million to $19 million. (Photo: Gregory Blore)

According to listing agent Hannah Sirois of Elite Pacific Properties, “This rare seafront subdivision is the last of its size and location on Kaua’i. Originally listed in July 2018, Makahū’ena Estates immediately garnered offers-- yet the right buyer has not closed on the property.”

“Buyers are looking for value, and this property at this price and with its entitlements for 10 homes, 9 of which may become nightly vacation rentals if desired, is simply unparalleled in terms of undeveloped land opportunities on Kaua’i,” added Sirois.

The bulk sale of 10 fully subdivided lots comes complete with infrastructure in place and provides capacity for a developer to control precious frontage ideally suited for 1+ acre oceanfront and ocean view homesites.

“Recognizing the importance of a cohesive development that fits well within the community, we continue to target the right buyer who understands the uniqueness of the property and who has the resources and skill set to build out the subdivision,” said Chad Nugent, President of CIRI Land Development Company .

ABOUT MAKAHU‛ENA ESTATES

Makahū‛ena Estates is the first newly constructed seafront subdivision offered for purchase in Poipu since 1950. Acquired from the U.S. Government in 1996 by CIRI Land Development Company (CLDC), a subsidiary of Cook Inlet Region Inc., an Alaskan Native regional corporation, and left untouched until 2017, Makahū‛ena Estates has been responsibly developed with sensitivity to the local community and environment.

Located in the Poipu resort area, Makahū‛ena Estates is both secluded and imbued with Kaua’i’s natural beauty and attention to sustainability.

Originally platted as 25 single family lots, CLDC, in accordance with its commitment to environment and community-sensitive development, worked with the County of Kaua‘i to downsize the lots to just 10, averaging one acre in size.

All beaches in Hawaii are public. The front of the development includes a publicly accessible coastal path that connects to adjacent beach paths.

About Hannah Sirois:https://www.kauaihp.com/the-team/

About Elite Pacific Properties:https://www.elitepacific.com/about/

About CLDC:http://www.ciri.com/our-corporation/

View source version on businesswire.com:https://www.businesswire.com/news/home/20191106005735/en/

CONTACT: Hannah Sirois, 808.639.2367,hannah@kauaihp.com

Liz Foley, 425 949 6300,elizabeth.foley@icloud.com

KEYWORD: ALASKA HAWAII UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: ARCHITECTURE RESIDENTIAL BUILDING & REAL ESTATE VACATION CONSTRUCTION & PROPERTY DESTINATIONS TRAVEL LANDSCAPE

SOURCE: Elite Pacific Properties

Copyright Business Wire 2019.

PUB: 11/06/2019 11:30 AM/DISC: 11/06/2019 11:30 AM

http://www.businesswire.com/news/home/20191106005735/en