BIG ISLAND, HI-GlobeSt.com has exclusively learned thatSheldon Good & Co., a Racebrook Portfolio Co., will conduct the auction of 1010 Puako, an 810-acre development property situated along scenic South Kohala Coast on the Big Island of Hawaii. According to the firm, 1010 Puako is a “unique investment opportunity” due to its location within the South Kohala Community Development Plan for Urban Expansion and its recently approved Planned Unit Development for 145 homes sites (2-4 acres in size).
According to the firm, 1010 Puako will be sold via sealed-bid auction. “The sale represents a compelling opportunity for a developer, investor or private buyer seeking to acquire prime, development land at an incredible discount to market value.”
GlobeSt.com learns that the site was recently appraised for $14 million. 1010 Puako is located 30 minutes north of the Kailua-Kona International Airport on the Queen Kaahumanu Highway between the world famous Mauna Lani and Mauna Kea Resort/Communities.
In addition to the near mile of highway frontage, the property has ocean and sunset views and is located one mile from the Hapuna Beach. A 16-inch water well has been completed that is anticipated to pump 1.1 million gallons a day. Additionally, an application has been submitted for a 2.7 Megawatt solar installation that would provide power to the project and possibly to neighboring communities, according to Sheldon Good & Co.
"1010 Puako presents a compelling opportunity for a smart and savvy investor to leverage a unique one-of-a-kind asset, situated alongside the scenic backdrop only Hawaii can provide," says John J. Cuticelli Jr., CEO of Racebrook. “The auction allows the buyer to potentially purchase the property at a significantly discounted price relative to market value and enables the new owner to realize tremendous upside.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
