The state is moving forward with the purchase of Lipoa Point, with plans to preserve the iconic and ecologically sensitive West Maui land from development. There’s been a huge push from non-profit entities and many community members to actualize this plan, and it’s safe to say they are doing a lot of celebrating.
Governor Neil Abercrombie has recently released $19.5 million in Capitol Improvement Project Funds for the purchase of this 280-acre parcel, which overlooks beautiful Honolua Bay. The owner, Maui Land & Pineapple was considering the sale for a long time, but until now, their terms hadn’t been met. These terms required that the price be based on market values for the property’s highest and best use, and that the parcel would be acquired with cash. The land was also being held in trust for the pension plans of ML&P retirees, which is part of the reason that the price was a sticking point in the past. The proceeds of this sale will benefit those pension plans.
In January, Governor Abercrombie released $500,000 for the purpose of appraisal and various other studies. He later released the remaining $19.5 million for the purchase. Now there will be community meetings to tackle a management plan for the land. The state Department of Land and Natural Resources has been working with the Hawaiian Islands Land Trust to make this purchase a reality, so you can expect them to be closely involved with these meetings and the decision making process.
The effort that has gone into this plan to preserve Lipoa Point certainly validates the value of West Maui land, not just fiscally, but culturally and environmentally. We truly have been endowed with amazing places on this side of the island.
Mahalo for reading this week!
mauiluxuryrealestateteam.com – By Robert J. Cartwright, Principal Broker