Tuesday, December 8, 2009 at Kahuku High School Cafeteria hosted by Defend Oahu Coalition!
This is the second in a series of Community Forums regarding the future of Turtle Bay, the purpose of which is to update the community about progress made since Governor Lingle announced her initiative to preserve the undeveloped portions of the property at Turtle Bay Resort.
• Despite overwhelming community opposition, the City’s Department of Planning and Permitting is reportedly very close to issuing final subdivision permits to the developer at Turtle Bay which will allow him to move ahead with the outdated plan for five additional hotels and one thousand more resort condominiums.
• The State Supreme Court is set to hear Oral Arguments (December 17th) regarding the Keep the North Shore Country case asking for a Supplemental Environmental Impact Statement.
• The resort property is formally changing owners this month, who are reportedly working on a new business model for the resort.
This is a crucial time to get updated about the current situation in the Country and a critical time to get involved. Efforts aimed at building on plans for preservation as well as sustainable land use enforcement at City and State levels (regarding the expansion plan being proposed at the resort) will also be addressed. Notable speakers invited to attend include: Governor Lingle, Representatives Abercrombie and Hirono, Mayor Hannemann, Turtle Bay Advisory Working Group Chair Bill Paty, Senator Clayton Hee, Councilmember Donovan Dela Cruz and Interim Developer for Kuilima Resort Company Stanford Carr.
Showing posts with label keep the country country. Show all posts
Showing posts with label keep the country country. Show all posts
Wednesday, December 02, 2009
Thursday, April 10, 2008
Turtle Bay foes appeal EIS ruling
Opponents of expansion at Turtle Bay urged a state appellate court yesterday to require a new environmental study on a proposed massive development on Oahu's North Shore.
Keep the North Shore Country and the Sierra Club Hawaii Chapter appealed to the Hawaii Intermediate Court of Appeals in their lawsuit against Kuilima Resort Co., which has plans to develop up to 3,500 hotel and condominium units on one of Oahu's last remaining rural coasts.
More at the Honolulu Star Bulletin
Keep the North Shore Country and the Sierra Club Hawaii Chapter appealed to the Hawaii Intermediate Court of Appeals in their lawsuit against Kuilima Resort Co., which has plans to develop up to 3,500 hotel and condominium units on one of Oahu's last remaining rural coasts.
More at the Honolulu Star Bulletin
Saturday, August 04, 2007
L.A. Hedge Fund Facing Opposition on Hawaiian Plans
San Diego Business Journal
By SARAH FILUS - 7/23/2007
Los Angeles Business Journal Staff
Six years after gaining full ownership of Turtle Bay Resort in Hawaii, one of the only oceanfront getaways on Oahu's quiet North Shore, Oaktree Capital finds itself involved in a growing controversy over its plans to further develop the property.
The L.A.-based vulture hedge fund announced last year it planned to expand the 443-unit resort and was looking for either a financial partner or a buyer for the entire 880-acre site.
Hilton Hospitality Inc., Beny Alagem's Alagem Capital and Michael Dell's MSD Capital all were said to be interested in the site, but the announcement also caused a public outcry, protests and lawsuits that may have chilled any deal.
More recently, Starwood Hotels & Resorts Worldwide Inc., the owner of the Sheraton and Westin brands and a major developer of time shares, fell out of active negotiations for a purchase or partnership, though Hawaiian media reports indicate the company has not completely scuttled a deal.
"When all the press coverage and uproar sprang up from the local community about the expansion, that became one of the major reasons that investment firms who looked at it didn't want to pursue it," said Mike Hamasu, the consulting and research director for Colliers Monroe Friedlander Inc. in Honolulu. "There is an extreme sensitivity to development in Hawaii, especially along the North Shore."
Oaktree, through its subsidiary Kuilima Resort Co., wants to add about 3,500 hotel and condominium units to the property it acquired full control of in 2001. It has already spent $60 million to renovate the existing hotel and to add a condominium complex called Ocean Villa. In 1998, it had teamed with developer Bill Mills to gain an interest in the resort.
The resort, originally developed by Prudential Insurance Co. and Del Webb Corp., has expansion entitlements from the city of Honolulu that date back to 1986 but were never pursued. Since that time, though, opposition has grown to further construction of the largely undeveloped North Shore.
Keep the North Shore Country, a group opposed to the resort's planned expansion, sued for an environmental impact report. The group also alleges the development will disturb ancient Hawaiian burial grounds. The suit was thrown out once and last month it was appealed, with a decision still pending.
"(Honolulu) allowed the developer to expand as if nothing has changed since 1986," said Gil Riviere of Keep the North Shore Country. "Our position is that everything has changed. Even the impact of those 4,000 units is greater now and they should be studied."
New York-based real estate investment banking firm, Eastdil Secured LLC is helping to market the property.
Oaktree representatives declined to comment.
Fund closure
Turtle Bay is not Oaktree's first venture in Hawaii. During the 1990s recession, Oaktree purchased a number of high-end properties on Hawaii.
The North Shore controversy comes as Oaktree is looking to divest the resort and close the investment fund that owns the property. The OCM Real Estate Opportunity Fund was set to expire last year, according to a story by Pacific Business News.
However, Lloyd Greif, chief executive of L.A.-based investment banking firm, Greif & Co., said it is not unusual for companies to get fund extensions if they still have holdings they would like to sell off.
Typically, investment funds such as OCM Real Estate Opportunity Fund have 10-year life spans, he said. The money raised by institutional investors is usually spent acquiring assets during the first three to four years of the fund's life. From years four and on, the holdings are divested and money is distributed to the investors.
"Oaktree has very savvy investors. It makes perfect sense to sell," said Greif. "A few years ago, people were still trying to figure out what life was going to be like after 9/11. Now, there is a lot of money out there and people are spending it on themselves. They want to go to exotic places and Hawaii is an exotic place. I expect that Oaktree will come out smelling like a rose."
By SARAH FILUS - 7/23/2007
Los Angeles Business Journal Staff
Six years after gaining full ownership of Turtle Bay Resort in Hawaii, one of the only oceanfront getaways on Oahu's quiet North Shore, Oaktree Capital finds itself involved in a growing controversy over its plans to further develop the property.
The L.A.-based vulture hedge fund announced last year it planned to expand the 443-unit resort and was looking for either a financial partner or a buyer for the entire 880-acre site.
Hilton Hospitality Inc., Beny Alagem's Alagem Capital and Michael Dell's MSD Capital all were said to be interested in the site, but the announcement also caused a public outcry, protests and lawsuits that may have chilled any deal.
More recently, Starwood Hotels & Resorts Worldwide Inc., the owner of the Sheraton and Westin brands and a major developer of time shares, fell out of active negotiations for a purchase or partnership, though Hawaiian media reports indicate the company has not completely scuttled a deal.
"When all the press coverage and uproar sprang up from the local community about the expansion, that became one of the major reasons that investment firms who looked at it didn't want to pursue it," said Mike Hamasu, the consulting and research director for Colliers Monroe Friedlander Inc. in Honolulu. "There is an extreme sensitivity to development in Hawaii, especially along the North Shore."
Oaktree, through its subsidiary Kuilima Resort Co., wants to add about 3,500 hotel and condominium units to the property it acquired full control of in 2001. It has already spent $60 million to renovate the existing hotel and to add a condominium complex called Ocean Villa. In 1998, it had teamed with developer Bill Mills to gain an interest in the resort.
The resort, originally developed by Prudential Insurance Co. and Del Webb Corp., has expansion entitlements from the city of Honolulu that date back to 1986 but were never pursued. Since that time, though, opposition has grown to further construction of the largely undeveloped North Shore.
Keep the North Shore Country, a group opposed to the resort's planned expansion, sued for an environmental impact report. The group also alleges the development will disturb ancient Hawaiian burial grounds. The suit was thrown out once and last month it was appealed, with a decision still pending.
"(Honolulu) allowed the developer to expand as if nothing has changed since 1986," said Gil Riviere of Keep the North Shore Country. "Our position is that everything has changed. Even the impact of those 4,000 units is greater now and they should be studied."
New York-based real estate investment banking firm, Eastdil Secured LLC is helping to market the property.
Oaktree representatives declined to comment.
Fund closure
Turtle Bay is not Oaktree's first venture in Hawaii. During the 1990s recession, Oaktree purchased a number of high-end properties on Hawaii.
The North Shore controversy comes as Oaktree is looking to divest the resort and close the investment fund that owns the property. The OCM Real Estate Opportunity Fund was set to expire last year, according to a story by Pacific Business News.
However, Lloyd Greif, chief executive of L.A.-based investment banking firm, Greif & Co., said it is not unusual for companies to get fund extensions if they still have holdings they would like to sell off.
Typically, investment funds such as OCM Real Estate Opportunity Fund have 10-year life spans, he said. The money raised by institutional investors is usually spent acquiring assets during the first three to four years of the fund's life. From years four and on, the holdings are divested and money is distributed to the investors.
"Oaktree has very savvy investors. It makes perfect sense to sell," said Greif. "A few years ago, people were still trying to figure out what life was going to be like after 9/11. Now, there is a lot of money out there and people are spending it on themselves. They want to go to exotic places and Hawaii is an exotic place. I expect that Oaktree will come out smelling like a rose."
Tuesday, July 03, 2007
Fourth of July Rally to Keep the Country COUNTRY!
Defend Oahu Coalition wants YOU for a Fourth of July Rally to Keep the Country COUNTRY!
Wednesday, July 4, 2007
4:30 p.m. – 6:30 p.m.
Practice your right to free speech with a good old-fashioned Sign Waving by Land and by Sea to protest the Turtle Bay/Oaktree hotel expansion plan!
Kamehameha Highway - in front of Turtle Bay Resort
or
Ocean Side of the resort – on your boat, outrigger, surfboard, paddleboard, jet ski or stand up board!
Wednesday, July 4, 2007
4:30 p.m. – 6:30 p.m.
Practice your right to free speech with a good old-fashioned Sign Waving by Land and by Sea to protest the Turtle Bay/Oaktree hotel expansion plan!
Kamehameha Highway - in front of Turtle Bay Resort
or
Ocean Side of the resort – on your boat, outrigger, surfboard, paddleboard, jet ski or stand up board!
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