An offer by the Korean firm KH Group to buy the Makaha Valley resort site represents the possibility of a relaunch — anything but the certainty. Firstly, it’s just the bidding stage: $20.7 million for 644 acres.

And if the prior experience of Pacific Links US Holdings Inc. for the site is any guide, it will be a complex financial decision. That Canadian company bought it more than a decade ago, made plans but then filed for bankruptcy. Makaha residents can be forgiven for a “believe it when we see it” reaction.