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Posted: Wednesday, January 2nd, 2013 12:21 PM HST

REIT looking to buy Hokulia

By Associated Press

KAILUA-KONA, Hawaii (AP) — A real estate investment firm is putting together a deal to buy Hokulia and finish the luxury subdivision on the Big Island's Kona coast. SunChase Holdings, based in Phoenix and Sacramento, is planning on buying 52 lots from The Club at Hokulia and the Hokulia Community Association. John Shaw, The Club's general manager, told West Hawaii Today that SunChase plans on finishing the project. One of the biggest issues facing the project has been the completion of the Mamalahoa bypass. The original developer vowed to build the bypass from Keauhou to Napoopoo more than a decade ago, but various lawsuits delayed the work. Lots in Hokulia were once listed as high as $5 million apiece. Last year, lots were listed for about $500,000.