Hunt Companies Inc. sold the property in April to SMC Kona LLC, a company affiliated to the state’s largest locally owned and operated general contractor, Nan Inc. According to county tax records, the sale price of $15 million is less than half of what the property last sold for, which was $33.3 million in 2007. The 720-acre parcel next to the community college will house 1,116 residential units; a 30-acre university village town center with a 120-room hotel, retail shopping, and commercial amenities; a 70-acre business park; a regional public park; 1,230 acres of open space; and a 74-acre dry forest reserve. The construction process is expected to take 20 years.

According to the records, the project has been rezoned and entitlements have been secured to move it forward. According to West Hawaii Today, the former Palamanui director of governmental affairs was quoted as saying that “Nan Inc. and founder Patrick Shin is going to continue it. They’re working on it, and they’ll keep it going.” The former director indicates that the developers are currently working on repairs to the property’s water well. The land transfer piqued the interest of Kailua-Kona resident Aaron Stene, who monitors road construction and traffic impacts and has been following the project’s progress through the bureaucratic hoops. Aaron Stene informed the state Land Use Commission, the county Planning Department, and Hawaii Community College Chancellor Rachel Solemsaas about the sale.

“Hunt recently went through a zoning condition amendment process with Hawaii County about two years ago. Hunt also had grandiose plans to build around the Palamanui college campus,” Aaron Stene wrote in an email to the Land Use Commission. Solemsaas said Thursday that she was “curious if Nan has notified the LUC of their intentions with this property.” She is contacting the company to inquire about their plans. Early last year, the County Council granted additional concessions to developers in exchange for promising an outdoor performing arts amphitheater and more affordable housing. Instead of a five-year deadline for beginning substantial construction, the zoning ordinance now requires completion in 20 years. The park has been reduced from a 20-acre active regional park to 10 acres of active park space and 10 acres of passive open space. That was the second time the development agreement had been changed since the property’s rezoning in 2006.

The University of Hawaii System supports the development, according to President David Lassner in a testimony to the council on Feb. 2, 2021. The president noted that the developer kept its promises by providing financial support to the campus for the design and construction of its first building, as well as constructing the road from Kaiminani Drive to the campus and providing the necessary electrical and water infrastructure. The campus first opened its doors in 2015. In his testimony, Lassner stated, “The University of Hawaii would warmly welcome the adjacent development of a ‘University Village’ to create a real community around our Hawaii Community College at Palamanui campus. The medium- and long-term expansion of residences, business, entertainment and recreation around the campus will encourage and facilitate growth of higher education opportunities for the people of West Hawaii.”

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