HONOLULU- A California developer plans to build a 300-room hotel and 500 luxury condominiums on the last piece of resort-zoned beachfront property in the Waikoloa Beach Resort, according to published reports.
Pasadena-based James Ratkovich & Associates leads a development group that says it has preliminary plans for a $1 billion project on the
29-acre site overlooking Anaehoomalu Bay.
The 1,350-acre Waikoloa resort now is home to the Waikoloa Beach
Marriott, Hilton Waikoloa Village, two golf courses, the Kings' Shops,880 luxury villas and a retail complex.
Lonomakua Partners LLC, which includes Lehman Brothers Holdings and MSD Capital LP, bought the 29-acre parcel from Elleair Homepaper Co. of Japan for $47 million. The sale closed on Nov. 16.
In June, MSD Capital, which is funded by Dell Computer's Michael Dell, also acquired the Four Seasons Resort Maui at Wailea.
Lonomakua is joining with James Ratkovich to develop the site. He expects to complete plans and design in the next 12 to 18
months.

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