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estimated value of the project at $2,000,000.00. <br /> C. DESCRIPTION OF PROPERTY AND SURROUNDING AREAS <br /> 27. Subject Property: The relatively flat site is accessed off Kalaniana`ole Street, <br /> approximately 350 feet southwest of its intersection with Onekahakaha Road and 1.8 miles <br /> northeast of Highway 11. The property is sandwiched between Kalaniana`ole Street and <br /> Apapane Road, is rectangular in shape and is approximately 5-feet above sea level (asp. Access <br /> is also available from Apapane Road. The site is 0.25 miles inland from the shoreline and <br /> situated 1 mile northeast of Hilo Airport. The site has previously been cleared and graded. It is <br /> vacant of any structures. Minimal vegetation currently exists on site and is primarily maintained <br /> grasses. <br /> 28. Surrounding Land Zoning/Uses: West of the subject parcel is an existing three <br /> (3) story, 24-unit apartment building, to the east is overgrown undeveloped parcels; all within the <br /> resort zoning district. To the north there are two large privately owned open zoned parcels with <br /> limited development, and along the coast is the Onekahakaha Beach Park. Across Kalaniana`ole <br /> Street the properties are zoned RS-10 and development with numerous single-family dwellings <br /> and related improvement. <br /> 29. Flood Insurance Rate Map (FIRM): The Federal Emergency Management <br /> Agency (FEMA) Flood Insurance Rate map (FIRM) identifies the parcel as Zone VE, which is <br /> within the 100-year coastal flood range, or 1% chance of occurring in any given year, with <br /> velocity hazard from wave action. <br /> 30. Flora/Fauna Resources: No biotic surveys were conducted for the subject parcel; <br /> however, the applicant does not believe that the site contains any rare or endangered floral and <br /> faunal resources. The Kionakapahu Pond (0.5 miles east) and the Lokoaka Pond (0.6 miles east) <br /> 6 <br />