Canadian Developer Announces Luxury Development in Kohala

The Residences at Laulea to start construction in 2015.

Many people dream of retiring to Hawaii Island. This new luxury development on the Kohala Coast offers to make that a reality for 17 new owners.

Rendering: Courtesy of The Luxus Group

A study by Sotheby’s International Realty says that there was a 23 percent increase in home sales on Hawaii Island in 2013, compared to 2012. Inventory is tight all over the state, so Canadian businessman Stephen Petasky’s plans to transform a 5.5-acre lot at the Mauna Lani Resort into a luxury residential community may be welcome welcome news to folks on the market.

At a recent press conference, Petasky said the previous owner “graciously” agreed to sell the property to him four months ago. Records from the county Real Property Tax Office indicate the sale was $5.3 million.

The Residences of Laulea will have 17 units:

• The units will be 2,700- to 3,000-sq. ft.

• Six detached homes – all four bedroom

• Four paired homes (eight units) – all four bedroom

• One triplex (three units) – all three bedroom

• Each unit has its own pool and spa

• Each gets resort services and amenities

• Price range from $2 million to $4 million

The project is expected to break ground at the end of this year or in early 2015, depending on permits, at which time interested buyers can reserve their homes. The homes are scheduled to be ready by 2016, and the entire project completed by 2017.

For more information about this new residential community, visit laulea.ca.