Maui Lani Village Center Goes Vertical
Buyers begin construction at new Central Maui commercial district
December 2010) - As Hawaii's economy has begun to pick up, so has activity at Maui Lani's new commercial mixed-use project, a positive sign that businesses are pushing ahead with their long-term investment plans.
The Maui Lani Village Center launched sales less than a year ago. Despite poor economic conditions, a quarter of the lots went into contract within a matter of months. At that time, the project appeared as little more than a horizontal expanse of graded lots. Today, the Village Center has gone vertical as several buyers have commenced construction on their new facilities. Others are either in the design or building permit phase and will begin construction in the near future, including Retina Institute of Hawaii, GP Roadway Solutions, Commercial Plumbing, Group Builders and 76 Gas.
Among the first to put shovel to ground was Paradise Beverages, one of Hawaii's most successful distributors of wines, beers and non-alcoholic beverages. Also well under way is the first building of Professional Row, a special area within the Maui Lani Village specifically designed as a turnkey option for professional and medical offices and other small businesses.
"The Maui Lani Village Center was designed to offer substantial flexibility," said Ryan Sakaguchi, vice president, CB Richard Ellis, co-listor with Commercial Properties of Maui LLC. "Its mixed use zoning allows for a broad variety of uses including light industrial, retail and professional offices, even single- and multi-family units for live-work options. On top of that, buyers can design, build and own their own building, one that's specifically tailored to their business needs. In this favorable interest rate environment, we're seeing many businesses choosing to own for the same cost, if not less, than what their rent payments would otherwise be."
"The Village Center's location and included features also make it an excellent prospect for business owners," added Grant Howe, principal broker of Commercial Properties of Maui. "The Center is on a brand-new, well used regional roadway that connects Wailuku and Kahului. Its lots are finished and ready-to-build, with standard 5/8-inch water meter and utility hookups already included."
Howe noted that an estimated 70,000 residents live within a 10-mile radius of the Maui Lani Village Center, an important consideration for businesses seeking a strong customer base. Less than a mile away, Maui Lani's newest residential neighborhood, The Traditions, successfully launched sales in September, and anticipates new residents will begin moving in next year.
Maui Lani is a 1,012-acre, master-planned community located in Central Maui. The community encompasses schools, medical clinics, parks, the Dunes at Maui Lani golf course and new roadways, and is planned to have approximately 3,700 homes.
For more information about the project, contact Commercial Properties of Maui at 808-244-2200 or CB Richard Ellis in Honolulu at 808-541-5172.