Coco Palms deal is not happening

[Tamaradarann]

The Hawaii TUG Forum reports that the Coco Palms deal is not going forward. I wonder if HGVC would entertain buying the property. After the Maui development is complete, Kauai will be only major island in Hawaii where HGVC does not have a timeshare.

 

[ljmiii]

For better or worse Coco Palms will need a developer who has deep pockets and serious political connections. Part of it is state land, part of it is on flood plain that can’t be developed (only grandfathered), and part of it is on land that is of significance to Native Hawaiians. WAAAY out of HGVC’s league.

 

[brp]

Too bad. We just spent a few days on Kauai a few weeks back and really enjoy it. This will be the only one of the 3 islands that matter to us not covered. We can hope for something in the future.

Cheers.

 

[Tamaradarann]

For better or worse Coco Palms will need a developer who has deep pockets and serious political connections. Part of it is state land, part of it is on flood plain that can’t be developed (only grandfathered), and part of it is on land that is of significance to Native Hawaiians. WAAAY out of HGVC’s league.

I think that the Flood Plain and the Significant Native Hawaiian Land are the issues that would make it impossible for HGVC or anyone else to develop the property. I think HGVC has deep enough pockets and sufficient connections to deal with the State Land issues. I don't know the details of the specific areas of the property where each of the issues are present. But if Flood Plain and the Significant Native Hawaiian Land areas are located such that they prevent a proper development of a portion of the property any developer would not touch it or give up.

 

[ljmiii]

I think that the Flood Plain and the Significant Native Hawaiian Land are the issues that would make it impossible for HGVC or anyone else to develop the property...

Well, yes-ish. The problem is that while the Coco Palms looms large in the minds of visitors and residents of Kauai the money to be made is an order of magnitude (or two) off from the level of political intervention required.

Particularly since if there is no intervention the land will decline in value as it's condition deteriorates to the point were there is no 'grandfathering' left. At which point it's a cheap purchase (or tax default) to turn it into parkland (and Wailua Bay/River runoff basin).