On time and beyond expectations is the key to Hiram Rivera and his company’s (EM Rivera & Sons) continuing success. The developer TSA Corporation and Charles Clarke Realtor® wish to thank Hiram for the magnificent project and are pleased to announce the completion of construction of Phase III of Kaloko Light Industrial Park. Anyone buying and building in this new phase will know they are building on a firm foundation.
The zoning on this 3rd phase has been upgraded to Mixed Use-Commercial. Earlier phases were Light Industrial only. Kaloko Commercial Center as the new phase is called will support a whole list of commercial, office and retail uses as well as light industrial activities. Businesses in Kaloko already know this area and its mulitple road access, three miles from Kailua-Kona town and three miles from Keahole International Airport is a real customer convenience, especially to Kailua-Kona mauka, the Kohala Coast and all areas north.
Several real estate professional and appraisers familiar with the property often lament about the timing of the development becoming available for sale. I say not to worry. Yes it may have been easier for clients to find financing a year ago, but the economy was already showing signs of years of too fast property appreciation and construction materal costs (inflation), a situation not conducive to good business decisions.
There are firmly grounded companies prospering during this adjustment to our economy. For some it is a good time to stop leasing and buy a property which will appreciate and add value to their business. As government steps up efforts to catch up with infrastructure needs in the community, there will be new opportunities for growth in the construction sector. The nearby population is will support neighborhood banks, a grocery store, medical practices and clinics, health facilities, restaurants.
What about the price of the lots? Are they inflated? Not really. More business uses are allowed. Many of the lots have great ocean views, conducive to office and retail space enhancement. Lots are ready to build on. Each lot surface has a compacted base of crushed rock sloped for drainage. The terraces are back from the property lines to facilitate rock wall construction. Most of the lots are at least 1.2 acres in size. The lots are wider than typical commercial lots meaning more street exposure, easier parking area configuration, and more allowable building square footage. Generally lot prices on a square foot basis are below 2005-2006 “heyday” prices.
KalokoCommercialCenter.com has complete details, actually more than one may want to know, about the subdivision. The site is set up to provide as many sources as possible to aid in a prospective buyer’s due diligence. I invite you to take a look. It is quick and easy to register on the site.
First Hawaiian Bank financed the subdivision. Locally, Vicki Hasty and Harold Hughes in Kona, Chuck Erskine in Kamuela, and Howard Higashi in Hilo have a Special Financing Program for buyers in Kaloko Commercial Center.
For small business owners, a new lot for your business in Kaloko may be the best present you can give to your family this year.