Ainamalu, Waikoloa Beach Resort A resort residential community within the Waikoloa Beach Resort was planned for 351 single-family and 60 multiple-family residences. The property is entitled to the development of up to 420 residences on 125 acres, for a total of 252 acres. The property has been foreclosed and is now owned by the lender. The former developer obtained final subdivision approval for forty (40) lots in Phase 1 (Increment 1) and completed and sold 39 homes. One of the lots remains vacant and is owned by the lender. Phase 2 (Increment 3) consists of 8.622 acres, for which the former developer was granted final subdivision approval to create 20 homesite lots after entering into a subdivision agreement with the County and posting a 120% surety bond. The grading was completed for the twenty lots. The paved streets and utilities have not been installed. The property presents an unparalleled opportunity to create a distinctive resort residential community on the Kona-Kohala Coast, situated within one of the most established resort destinations on the island of Hawai‘i. ON LOCATION Dick Gushman, CEO of DGM Group, one of the most successful real estate developers in the history of Hawai?i who developed, among other projects, the Waikele Shopping Center and the Waikiki Beach Walk with Outrigger Enterprises, Inc., told me he had correlated compared various parameters of resort developments in Hawai?i with the history of their failures and successes. Three of the parameters most saliant for failure were being on the windward side, too far from the airport with travel time typically over half an hour, and being at the end of the line. Conversely, successful resort developments were on the leeward side, within the middle of the resort and vacation destination coastline, and a travel time to the airport of between 30 and 45 minutes. Waikoloa Beach Resort meets all three parameters for success.