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Unraveling the Mystery: The Future of Ko Olina's China Oceanwide Holdings Project
Nestled on the western shores of Oahu, the Ko Olina Resort has been a canvas for ambitious development plans by Beijing-based China Oceanwide Holdings. In this unfolding story, we find ourselves at a crossroads, where the company is both divesting and forging ahead with its vision for Hawaiian paradise. Join us as we explore the recent twists and turns in the tale of China Oceanwide Holdings' venture in Ko'Olina.
China Oceanwide Holdings' Initial Ambitions:
Back in the annals of time (well, as far back as 2022), China Oceanwide Holdings made headlines with its purchase of 26 acres at Ko Olina's “Honu Lagoon 2” for an eye-watering $280 million. The master developer of Ko Olina Resort hinted at keeping the last two oceanfront sites undeveloped, laying the foundation for a luxurious expansion in the heart of Hawaii.
The 2024 Update:
Fast forward to January 2024, and the plot thickens. Beijing-based China Oceanwide Holdings, known for shedding U.S. assets, is set to sell its 44-acre Ko Olina project on Oahu for a reported $134 million, according to a financial filing with the Hong Kong Stock Exchange. This project, initially slated for two hotels, residential condos, and an Atlantis-branded resort, had seen an investment of $527 million by the end of the previous year. Surprisingly, construction hadn't even commenced.
Tower Development, a local player led by Ed Bushor, has stepped in to acquire the site. Oceanwide's decision to waive its right to repurchase the property, following a Hawaii court ruling against triggering the option, raises questions about the fate of this grand venture.
Ongoing Uncertainty and Previous Sales:
The recent move to sell off the Ko Olina project follows Oceanwide's sale of the Kapolei West development in December, resulting in a $26 million loss. The firm's financial challenges also extend to its L.A. venture, the unfinished Oceanwide Plaza tower, where a defaulted EB-5 loan has left the company owing $157.4 million.
As of August 2023, KITV4 Island News reported that Oceanwide had reached an agreement to sell two vacant parcels at Ko Olina for $134 million, earmarked for luxury-branded hotels and residential condominiums. Letters of intent for three other parcels hint at future Atlantis Resorts-branded developments. The company, grappling with debt, has appointed a receiver to navigate a way forward.
The Unfolding Future:
As we stand on the precipice of this evolving narrative, one thing is clear: the future of Ko Olina's China Oceanwide Holdings project remains shrouded in uncertainty. With the sale of assets and shifting priorities, the promise of new development in this Hawaiian haven is, for now, a puzzle awaiting its final pieces. As we eagerly await the next chapter, only time will reveal the destiny of this captivating venture in the tropical paradise of Ko Olina.
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