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$47M Buys 29-Acre Oceanfront Site for 800-Unit Project

HAWAII, HI-A partnership led by Pasadena-based developer James Ratkovich and funded by Michael Dell and Lehman Bros. buys an entitled beachfront resort site in the master planned Waikoloa Beach Resort area here with plans for 300 hotel rooms and 500 luxury condominiums.

By Brian K. Miller | Updated on December 07, 2005

HAWAII, HI-An entitled 29-acre oceanfront resort site in the master planned Waikoloa Beach Resort area here has changed hands for $47 million. The seller was Elleair Homepaper Co. of Japan.

The new owner is a partnership led by Pasadena-based developer James Ratkovich and funded by Michael Dell and Lehman Bros. The team has preliminary plans to develop the site with 300 hotel rooms and 500 luxury condominium units in multiple low and mid-rise buildings.

The unimproved development site fronts Anaeho’omalu Bay and is the last undeveloped parcel within the 1,350 acre Waikoloa Beach Resort area on Hawaii’s Kohala Coast. Ratkovich tells GlobeSt.com the planning and permitting process should take 18 months and that he hopes to be moving dirt within two years. Height restrictions for the site are such that buildings will be no taller than six stories in some areas and no taller than three stories in other areas, says Ratkovich.

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