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Finally! Maybe a good outcome for the Coco Palms property!

La Mirada...
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for Kauai
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Finally! Maybe a good outcome for the Coco Palms property!

After more than 20 years of being a derelict eyesore, possibly a good outcome for the property.

http://tinyurl.com/cn6rjxg

3Chihuahuas

Boston, MA
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1. Re: Finally! Maybe a good outcome for the Coco Palms property!

"The Kaua‘i County Council on Wednesday unanimously passed a resolution supporting the Hawaiian Islands Land Trust’s efforts to secure a state grant to set in motion a planning process to acquire the Coco Palms Resort for the public benefit."

Sounds like there is still a LOT between now and anything productive happening with the property. Still, at least it's a step in that direction.

Santa Rosa...
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2. Re: Finally! Maybe a good outcome for the Coco Palms property!

Hope it happens but it could be hard to raise $15-20 million through fundraising efforts.to buy the property.

Interesting how they state that the intial damage to the Coco Palms wasn't that bad and it could have been rebuilt. The owner choosing not to do so is an indication of the value of the property as a resort of any type. It may have been an okay location 50 years ago but not now.

Kaua'i, HI
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for Kauai, Poipu, Lihue
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3. Re: Finally! Maybe a good outcome for the Coco Palms property!

Aloha from Kaua'i!

Here we go again........I will believe it when I see it - how many times are we supposed to get excited that "something" is finally happening with it?

Way to early to be optimistic I think.

Malama Pono,

Janet

East Coast
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4. Re: Finally! Maybe a good outcome for the Coco Palms property!

They will have to find a way to replace at least the property tax revenue for the site whatever that may be in the current condition.

Riverside, CA
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5. Re: Finally! Maybe a good outcome for the Coco Palms property!

Hate to be a pessimist, but I will beleive it when I see it.

San Diego...
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6. Re: Finally! Maybe a good outcome for the Coco Palms property!

The current property tax is negligible. I looked it up and it totals about $50K/year across all the parcels. Kauai has about a $200 million/year budget IIRC

And I'll believe it when I see it too. These developers are out $15 million or more in costs above their purchase price. They're either going to have to eat a big loss (or their bankers will) so I suspect they'll just hang on and hope for development to fire up again.

Honolulu, Hawaii
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7. Re: Finally! Maybe a good outcome for the Coco Palms property!

I agree with Dave 's prognosis....

Minor correction, The owners will pay $96,732.96 in Real Property Taxes in 2013 on the 7 parcels they own and lease.

East Coast
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8. Re: Finally! Maybe a good outcome for the Coco Palms property!

This GI report claims 1.8 million annually at the appraised 13 million.

A 150 million Hotel-Condo would bring in 10 times that.

thegardenisland.com/news/local/county-moves-…

"The county charges $7.14 per $1,000 of assessed value from lands zoned hotel and resort, which means the landowners were paying approximately $1.8 million in annual property taxes from the land alone.

The county also charges $8.20 per $1,000 of assessed value of buildings on lands zoned hotel and resort, but the decaying structures have no value."

Edited: 21 March 2013, 18:18
Santa Rosa...
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9. Re: Finally! Maybe a good outcome for the Coco Palms property!

"A 150 million Hotel-Condo would bring in 10 times that"

Problem is, apparently this isn't a viable spot for a 150 million resort. Going by the fact that there have been no takers in 20 years.

San Diego...
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10. Re: Finally! Maybe a good outcome for the Coco Palms property!

You'll find the GI is little more than a bird cage liner. They have trouble transcribing press releases without making a hash of them.

Since Amberloo clearly is involved with the owner and I actually looked the billings up on the county web site before they wiped it all................I wouldn't try spending the GI's $1.8 million unless you get it in cash.

As for the debate on the site, I think we've beat that to death about 5 times now.