A Utah-based development consortium has resumed sales at a Kauai luxury resort condominium complex that was launched in 2007 on the cusp of an economic and real estate market downturn.
Poipu Beach Villas LLC announced Wednesday that it expects to add 13 more condo units, a spa, an expanded fitness center and a new real estate office by March at the project called Koloa Landing at Poipu Beach.
"It goes without saying that we are excited about the progress under way with Phase II," the developer said in the announcement.
Koloa Landing endured sales setbacks over the past few years, but is again pushing ahead with building out the estimated $285 million project designed with 322 units for sale at prices averaging $1.5 million and ranging from $900,000 to more than $3 million.
The complex featuring one- to four-bedroom condos with luxury hotel-like amenities was described by the developer as the first major oceanside real estate development in the Poipu area on Kauai’s south shore since 1990.
An initial phase with 85 units in five buildings, two pools, a lobby area, fitness center and an upscale sundry shop was announced in May 2007. Later that year, the developer said buyers had snapped up 51 of the units for a total $76 million.
Construction on phase one was projected to be finished in 2009, but was completed early last year. Over that time, many sales fell through, leaving the developer with 30 of the phase one units sold for about $32 million. The other 55 units are being rented as visitor accommodations by Wyndham Hotels and Resorts, which manages the property.
The new building with 13 units broke ground late last year, and sales efforts were recently launched.
Another three buildings with 49 more units will be part of phase two, though the timetable for that is not set.
There is also no timetable for building all remaining 224 units along with other amenities including a restaurant and a main pool.