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STATE LAND USE BOUNDARY AMENDMENT (15 Acres or Less) <br /> APPLICANT'S STATEMENT: Towne Development of Hawaii, Inc. <br /> State Land Use Agricultural to Urban <br /> Tax Map Key: 7-7-08: 30 and 96 <br /> Pahoehoe 3rd, North Kona, Hawaii Island <br /> Project Description and Ownership • <br /> • <br /> The applicant, Towne Development of Hawaii, Inc. (Towne) is proposing to develop a <br /> residential subdivision within the project area. Towne is a wholly owned subsidiary of <br /> Towne Realty, Inc. which is based in Milwaukee, Wisconsin. Towne has been <br /> developing property in Hawaii since the 1970's and has been involved in developing <br /> properties on Hawaii island since the mid 1980's. Projects include The Shores at <br /> Waikoloa, Bay Club at Waikoloa, Sunset Ridge at Waikoloa and the Elima Lani <br /> apartment project in Waikoloa Village. <br /> A portion of the project site (TMK: 7-7-08: 30) is presently owned by Taiyo Hawaii <br /> Company, Ltd. Towne has entered into an agreement with Taiyo to purchase this <br /> property. The remainder of the project site (TMK: 7-7-08: 96) is owned by the <br /> Kobayashi family. Towne has entered into an agreement with the Kobayashi's to <br /> rezoned and develop this area for residential purposes. The Kobayashi family would <br /> then retain a portion of the improved project.site. <br /> Towne is proposing to develop the subject area for residential purposes. The project <br /> area is adjacent to and will be incorporated as part of Towne's proposed Keauhou View <br /> Estates subdivision (TMK: 7-7-08: 11.) A total of approximately thirty (30) 15,000 <br /> square foot lots will be developed as a result of this action. This is in addition to the <br /> existing Keauhou Estates Subdivision area which will be developed with up to 374 RS- <br /> 7.5 and RS-15 lots. <br /> The residential development is proposed to be targeted to residents of the Kailua-Kona <br /> area and will be priced consistent with adjacent developments. These lots are currently <br /> expected to be sold between $100,000 and $150,000, depending on the views and <br /> amenities. <br /> The proposed subdivision would include underground utilities and roadways meeting <br /> with the approval of the Department of Public Works. Access will be from the <br /> 4' applicant's adjacent proposed Keauhou View Estates subdivision. All conditions <br /> relating to access, including provision of an alternative access to Alii Drive shall be <br /> provided prior to subdivision approval. <br /> Planning and engineering work for the proposed residential subdivision is proposed to <br /> commence upon approval of this request. Depending on market conditions, residential <br /> products should be available for purchase by in 1998. <br /> 1 <br />