The proposed park assessment agreement signifies another step forward for the Waikapū Country Town project, a significant residential development planned for Maui. A recent report from Maui Now detailed the Maui County Council committee's recommendation to authorize the county to execute this agreement with the developer, Waiʻale 905 Partners LLC. This is a positive development for the project, suggesting that it's meeting the necessary county requirements related to infrastructure and community amenities like parks.
Waikapū Country Town, envisioned as the largest residential project on the island in recent history, has been in development for over a decade. Approvals from both the county and state are still needed before construction can commence, as highlighted by Maui Now. The project aims to add much-needed affordable housing to the area. A previous Maui News article noted a proposed public-private partnership which would allow the development to connect to the county’s wastewater system in exchange for more housing, implying complex arrangements are part of this deal.
From a business perspective, the advancement of the park agreement is encouraging for potential investors and local businesses. This suggests the project is progressing through the complex approval processes, increasing the likelihood of construction commencing. This could open doors for various opportunities for local entrepreneurs, including construction companies, material suppliers, landscaping services, and other businesses that support residential development. Furthermore, the creation of affordable housing, as indicated in previous reports, provides a stable workforce pool for other local businesses related to tourism and other services.
For investors, the project's progress could signal a forthcoming opportunity to get involved in the real estate market. However, due diligence is necessary to evaluate the financial feasibility and risk profile of investing in the project given its scope and duration. This recent development is one piece of the larger picture, and professionals should keep abreast of future developments, environmental impact assessments, and changes to the regulatory landscape that may affect the project's timelines and requirements. Given the project's size, it is also important to consider the potential long term impact on infrastructure and public services. A State Land Use document from 2015 provides insight into the infrastructure considerations.
