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Pacific
Basin Land Co. has acquired Puaahala Co.'s remaining acreage at Ualapue,
Molokai, and now owns the entire 770 acres Scheduled for development as Molokai
Lagoon.
Willis Andersen Jr., president of Pacific Basin Land, said previously announced plans for the development will now be carried out under single integrated ownership and control. Of the overall 770 acres, 183 were rezoned for urban use last year. Long-range plans for the acreage call for the development of resort hotels, condominiums, recreational facilities and residence property. THE 587 ACRES of unzoned mauka land is currently under study by Belt, Collins & Associates as a possible mountain park. As part of the sales transaction, Pacific Basin Land also acquired Puuahala Co.'s marina lease. This consists of offshore, underwater lands with an area of 108 acres leased from the State of Hawaii for marina purposes. Fee lands consist of the former Rose Aping property, located approximately 10 miles east of Kaunakakai, originally purchased on an agreement of sale by Puuahala Co., a California firm. PACIFIC BASIN LAND took an option on 80 acres of the property in June 1969, and exercised the option last November following Puuahala's success in securing urban zoning on part of the property. Andersen said his company's total acquisition costs for the entire 770 acres are in excess of $2 million. Molokai Lagoon will be developed by Pacific Basin Travel Systems Corp., the parent firm of Pacific Basin Land. Current Work on the site is largely limited to a dredging operation, which is filling in an old fish pond to create waterfront land. THIS PHASE of the project is expected to require another six months to complete, according to Andergen. Pacific Basin Travel Systems Corp. previously announced its own plans to build a 250-room hotel, to be known as the Molokai South Seas Resort, as part of the overall development. Preliminary planning for the offshore marina, to be operated by Pacific Basin Travel Systems, is now under way by Belt, Collins and Associates and by Bechtel Corp. Discussions are also under way which may lead to the establishment of a major, championship - caliber tennis and racquet club facility at the project, according tot he developers. |