PRINCEVILLE — If an economic downturn has hit the island of Kaua’i, apparently nobody told people at Princeville. A 41-unit luxury townhome project along the ninth hole of the Prince Golf and Country Club, with units originally selling for somewhere
PRINCEVILLE — If an economic downturn has hit the island of Kaua’i, apparently nobody told people at Princeville.
A 41-unit luxury townhome project along the ninth hole of the Prince Golf and Country Club, with units originally selling for somewhere between $350,000 and $500,000 per, sold out long before the first shovel of dirt was turned recently.
Offering twin master bedrooms, secure garages and mauka and ocean views throughout, the project immediately appealed to buyers, Realtors and the various partners in the development, many of whom also became investors in the unique collaboration, said Don Schultz of Schultz & Associates Engineering & Project Management.
Schultz is project manager for Villas on the Prince, the sold-out project.
“Villas on the Prince (is not only) the first new residential development on the north shore in a over a decade, but it was also completely sold out in approximately 10 to 12 weeks,” Schultz said.
“With all the recent coverage on the U.S. economy and the obvious downturn in the market in the past six to eight months, it is of particular interest that there was no downturn in demand for this project,” he said.
“The soul of the project is that it evolved from wonderful teamwork,” said Stan Yasumoto of Architects Hawai’i, the design partner.
At the blessing and groundbreaking ceremony that included an eclectic gathering including Princeville Corporation President Shiro Yasuno, Schultz credited his wife Ruthie for helping the project attain the point it has reached.
After a smaller parcel near the entrance to Princeville Don Schultz had planned a four-townhome project on was pulled from the market (and subsequently sold), his wife encouraged him to “get your butt in gear and find another piece of land,” he said.
Negotiating with Princeville Corporation was “tough,” but after getting a good look at the land and doing research about what type of housing people would want to buy in the setting, Schultz and others settled on the luxury townhome scheme.
Realtors from Century 21 sold (and bought, in one case) the units nearly as fast as they could talk about them, and the partners, including Schultz and Conrad Murashige of Shioi Construction, Inc., will build units that they’ll also own.
Schultz thanked the buyers (now owners) for believing in the partners and the project, and for giving him the ability to “live, work and develop in paradise.”
Yasuno congratulated the partners for the success they’ve enjoyed so far, for the first residential development in the community’s phase two, and for the jobs the project has created and will continue creating.
“Few places in the world offer as much as Princeville does,” he said to applause from around 75 people gathered for the blessing. He further welcomed Villas on the Prince to the “Princeville family,” and again congratulated them on this “historic moment.”
Schultz repeatedly said the project wouldn’t be a success without Murashige’s involvement. “He delivers what he promises,” Schultz said of Murashige.
Murashige said all of the partners have added value to the project, and the diverse group has benefited from varied experiences of the partners in collaborative efforts. As with most developments, there are sometimes problems and differences of opinion.
With this one, things so far are running so smoothly that he sometimes forgets it’s going on, Murashige said. The project will allow Shioi to bring back some workers who haven’t worked for Shioi in over four years, he added.
Myles Miyachi, of City Bank, involved in its first major development on Kaua’i in around five years, said City Bank, the financing entity, had some concerns and fears about the project, most of which were allayed when the loan papers and experience of the partners were brought to light.
The Rev. Richard Kamanu, pastor of the Kapa’a First Hawaiian Church, performed the traditional blessing, followed by the untying of the maile and ceremonial turning of dirt with gold-painted shovels.
QEB LLC is a conglomeration of 11 different partners developing the site.
After 12 months of planning, now the real work begins, Schultz said.
Business Editor Paul C. Curtis can be reached at mailto:pcurtis@pulitzer.net or 245-3681 (ext. 224).
