Earth movers are beginning to sculpt the lava at a planned luxury residential development within the Mauna Lani Resort. ADVERTISING Earth movers are beginning to sculpt the lava at a planned luxury residential development within the Mauna Lani Resort. The
Earth movers are beginning to sculpt the lava at a planned luxury residential development within the Mauna Lani Resort.
The project’s developer Stephen Patasky said he anticipates brisk sales once properties are put on the market in May, and a non-binding reservation list already exceeds the first seven units of the Residences of Laulea, one of three phases offering homes in the $2 million to $4 million range.
At full buildout, 17 units will be ready for move-in by early 2017 under a plan where all of the homes are offered at the same time so none of the new owners have to deal with lingering construction.
Patasky, a Canadian businessman, said there has been a lull in construction of luxury homes in the region since the start of the recession, and the price range he’s chosen represents a niche where he believes demand far outstrips supply.
“There has been tremendous interest so far,” said Patusky, president and co-founder of The Luxus Group.
The 2,700- to 3,000-square-foot homes off of South Kaniku Drive are inspired by traditional Hawaiian architecture and offer blended indoor and outdoor living spaces, four bedrooms, private pools, spas and access to beaches and resort amenities.
General contractor the Maryl Group will begin vertical construction at the 5.5-acre property in approximately four months. First, contractor Goodfellow Bros. is reshaping the land to maximize views of the ocean, mountains and golf course, Patasky said.
“The contractors will be going hard for 18 months,” Patasky said.
Phase two, comprised of five units, will likely start shortly after phase one is finished. Another five homes in phase three will round out the development at 17 total units. The construction cost for the project is pegged in the $35 million to $40 million range.
Petasky said the development draws entirely from Hawaii-based designers, architects, engineers and builders, many of them from the Big Island.
“We have a great talent pool to pull from; I’m glad we didn’t have to pull from out of state,” said Petasky.
Laulea is the company’s first Hawaii development. The Luxus Group has created recreational properties in Canada, Italy, Costa Rica, California and other parts of the world.
Jonathan Lawrence, vice president of developments for The Luxus Group, said interest in Laulea indicates demand will far exceed supply.
“We’re fortunate to have several families following our progress and many have already signed reservation forms to secure their favorite units,” Lawrence said in a press release.
On the Web: laulea.ca
