Maui real estate to sell for $1.9M in Kailua-Kona

Maui real estate to sell for $1.9M in Kailua-Kona

The Maui Real Estate Group (MREG) is to sell its $1 billion real estate development in Kona for $950 million.

Kauai-based MREG said Wednesday it will sell the Kona Bayfront development to the State of Hawai’i for $951.5 million.

The sale is subject to approval by the Kailuanas Land Use Board.

“The Kona County Board of Commissioners approved the sale of the Kooroa-Kaua Peninsula development to MREI in December,” said MREB Chairman Ron Smith in a statement.

“MREI has committed to complete the Kontaro-Koa Peninsula development in 2020 and build the development into the largest residential development in the world.”

Kona Bayfield was developed by MREGS main development company, The Kona Company.

The Koora Bayfront project is one of the largest undeveloped land parcels in the state.

It will comprise more than 1,400 residential units, including one-bedroom and two-bedroom units, and more than 700 parking spaces.

The development was built in conjunction with MREGs main Kona-Kailua company, Kona Realty Holdings LLC.

The Kooro-Kava Peninsula project was completed in 2019.

The Bayfront Development includes 1.6 million square feet of office, retail and parking spaces and will consist of more than 5,000 commercial and residential units.

The MREs Koorawa-Kaumua Peninsula and Kooroan-Kawai Peninsula projects are in the process of being developed by the MRE Group, the group said.

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