The state of Hawaii has made an initial offer of $40 million to the owner of Turtle Bay Resort if they decide not to develop approximately 610 acres of their 852 acre property. Under the proposal, the Turtle Bay Resort would still be allowed to build two new oceanfront hotels with a combined 625 rooms, but would limit development of other areas, preserving a large section of the surrounding shoreline. Residents of the North Shore of Oahu are very supportive of this offer. Executive Director of the North Shore Community Land Trust, Doug Cole, commented, "I think we have an opportunity before us and an obligation before us to ensure future generations experience this unique and special part of Oahu. We're really excited." Gil Riviere, president of Keep the North Shore Country, added, "Some people may question if it's worth $40 million. Well, what's the alternative? Having a gridlocked highway and an overbuilt resort? I can imagine 20 to 30 years from now, people will look back and say, 'Wow! What a deal.' I think we'll see that preserving the coastline will be worth the money."
Officially, the state would pay for the right to create a conservation easement on the Turtle Bay Resort property. That way, the owner of the resort would still retain ownership of the land. May hope that this compromise would ease tensions created by the owners right to develop and the communities desire to keep the natural untouched beauty of the area.
Source: Honolulu Star Advertiser, 12-18-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
