PUAINAKO EXTENSION, Hilo, HI 96720 - Hawaii County

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 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.

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