Puainako Extension, 51

Puainako Heights is a fee simple, residential development opportunity located approximately five miles above Hilo, on the Big Island of Hawaii.The project is currently zoned for 440 units, in both single- and multi-family configurations. The number of allowed units may be increased to 820 with approval from the County.The site encompasses approximately 130 usable acres and 57 separate tax parcels.- State Land Use Designation is Urban- County Zoning is RS-7.5, with 34 acres zoned RM-4- 317 water meters are reserved for Puainako Heights through the Department of Water SupplyThe property is in foreclosure, and presents a unique opportunity for an experienced real estate developer or long-term investor. Offered at roughly $50,00 per-acre, or $20,000 per-water-unit, the site may be developed as a fee simple neighborhood and/or build-to-rent community. The scarcity of development sites near Hilo, commitment of municipal water service, and proximity to Kona, should preserve and increase the value of Puainako Heights as a long-term asset.Additionally, RM zoning allows the following uses:- Single- or multi-family housing- Adult day care homes- Boarding facilities, rooming, or lodging houses- Care homes, with a County Use Permit- Community Buildings, as permitted in Hawaii County Code Section 25-4-11- Day care centers, with a County Use Permit- Group living facilities- Medical clinics, with a County Use Permit- Meeting facilities- Short-term vacation rentals, within a condominium property regimeDue to the Puainako Heights' status as the subject of a foreclosure action, the Court of the Third Circuit requires property-specific disclosures to be made to potential Buyers. Disclosures are available to interested parties.