Ko Olina Resort & Marina and Centex Homes, dba Centex Destination Properties, announced today that Centex Homes has purchased 34 acres and the rights to develop resort single family homes and multi-family townhomes fronting the championship Ko Olina Golf Club in the Ko Olina Resort.
Centex Homes` investment is part of the $700 million of new construction forecasted as a result of the $75 million aquarium tax credit passed earlier this year. The one of a kind resort residential project will expand the luxury level of the active family lifestyle in Hawaii`s newest resort community.
Initial design plans approved by the resort`s construction committee include 60 single-family homes and 260 townhome villas. Construction is expected to commence early next year. Sales will be initiated as soon as all project approvals are obtained.
“We are very excited about Centex Homes joining Ko Olina,” commented Jeffrey R. Stone, president of the Ko Olina Resort. “Centex Home`s reputation for quality homes will bring an added boost to Ko Olina and the entire region. The combined commitment to the area by Governor Lingle and the Legislature was a key factor in the Centex Homes decision to invest in Ko Olina. Executives from Centex Homes attended the Governor`s signing of the aquarium tax credit bill, and were impressed by the joint support.”
Centex Homes, whose parent company, Centex Corp. (NYSE:CTX), is a Fortune 250 company, is one of the leading and largest homebuilders in the US, with 90 markets in 26 states. Centex Destination Properties, the resort and second home operation of Centex Homes, is also developing the luxury 96-unit Kolea project on the Big Island. The Ko Olina project will be their first on Oahu, and the first resort residential project of this magnitude in the state of Hawaii.
“We are looking forward to being a significant part of this premier resort destination on Oahu,” said Bruce Sloan, Hawaii division president of Centex Destination Properties. “Ko Olina`s location and setting combine the best elements of a neighbor island resort right here on Oahu. Additionally, the lack of a true resort residential product on Oahu provides a great opportunity for this project. The future for Ko Olina and west Honolulu is bright. That is the reason we are here.”
“The focused support from those like Governor Lingle and Hawaii`s Legislative leaders is rare in our experience. They understand how government and private industry can jointly revitalize the economic activity for the leeward coast,” commented Joel Sowers, executive vice president of Centex Destination Properties. “With the future growth at Ko Olina, including the planned aquarium, hotel and condominium developments, our residential project will create a complete resort experience on Oahu.”
While the Centex Homes project is not eligible for the aquarium tax credit, the promised aquarium, with related commercial village and attractions, clearly encouraged Centex to make this commitment to the west Honolulu region. Ko Olina and the State Department of Business Economic Development and Tourism forecasted to the Legislature and Governor Lingle that Act 100 (the aquarium tax credit) would create $700 million in new construction at Ko Olina over the next ten years. Centex will kick off new construction at Ko Olina. Other new investments and construction projects at Ko Olina will be announced in the near future.
“These are new dollars being poured into our local economy and Centex Homes` project alone will result in a significant number of new construction jobs over the next 2-3 years. We are excited to show the real effect of the aquarium tax credit so quickly,” continued Stone.
Ko Olina is in the process of planning and designing a new, world-class aquarium and commercial village. Plans will include various interactive elements, a one of a kind marine experience, and new shops and restaurants running along the Ko Olina Marina and ocean front properties. The plans will also incorporate a marine science and mammal research facility.
About Ko Olina Resort & Marina
Ko Olina Resort & Marina is a 642-acre master-planned resort community on the western shores of Honolulu. In addition to the JW Marriott Ihilani Resort & Spa at Ko Olina and the 18-hole Ted Robinson-designed Ko Olina Golf Club, the resort is home to seven pristine lagoons connected by over 1.5 miles of shoreline pathways. There is also the world-class, 270-slip, full-service Ko Olina Marina, the unmatched Ko Olina Wedding Chapel, and the Paradise Cove luau and Hawaiian cultural center. The recent opening of Marriott`s Ko Olina Beach Club in January 2003 complemented the vacation and ownership opportunities at Ko Olina. The existing residential communities of the Fairways at Ko Olina, Coconut Plantation by Brookfield Homes, and Kai Lani by A & B Properties/Armstrong Builders, Ltd. each provide unique resort residential opportunities.
Ko Olina is Honolulu`s premier resort destination, combining the seclusion and prestige of a resort community with the proximity to Hawaii`s business and cultural center. Ko Olina brings together the best of Hawaii`s weather, ocean and outdoor activities and spirit of aloha. For more information on the Ko Olina Resort & Marina, visit the resort`s Web site at www.koolina.com.
About Centex Homes
Dallas-based Centex Homes (www.centexhomes.com) is one of the nation`s leading homebuilders, operating in more than 90 U.S. markets in 26 states. Centex Homes expects to deliver more than 30,000 homes during its fiscal year ending March 31, 2004. The company is a subsidiary of Centex Corp. (www.centex.com) (NYSE:CTX), a Fortune 250 company, which through other subsidiaries also ranks as one of the nation`s largest non-bank-affiliated retail mortgage loan originators and general building contractors.