KAPA‘A — A foreclosure auction has been scheduled for a parcel of land on the Eastside of Kaua‘i near Kapa‘a. The 163-acre parcel with ocean views and no flood zones comes with a 1.2 megawatt solar farm that has a
KAPA‘A — A foreclosure auction has been scheduled for a parcel of land on the Eastside of Kaua‘i near Kapa‘a.
The 163-acre parcel with ocean views and no flood zones comes with a 1.2 megawatt solar farm that has a current contract with the Kaua‘i Island Utility Cooperative.
Plans for the property located near Kapa‘a Middle School and the bypass highway, include creating an 800-home master-planned community called Kapa‘a Highlands.
Property owner Greg Allen would like to partner with someone who can put up money for the projects to facilitate a negotiated settlement or who would work with at the auction.
“If we lose at auction, we will split the profit,” he said, adding that the urban development profit potential is $40 million for selling lots while “if we build houses, it is a $300 million to $400 million project.”
Allen is the second position mortgage holder on the land, and formed Three Stooges LLC to hopefully finish developing the project.
“The project is almost ready to get finalized,” he said. “We’re seeking a partner to finish the project.”
For more information, call Allen at 645-4500. The auction will be held Feb. 6 at the Lihu‘e Judicial Complex.
