Puainako Extension Hilo, HI 96720

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 ap...proval 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 Supply The 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 regime Due 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. Continue reading