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HONOLULU (AP) -- The Mormon church's land management company, Hawaii Reserves Inc., will build up to 650 homes on land next to Laie on Oahu's North Shore.
The land includes a 227-acre parcel newly acquired for about $4 million from an affiliate of nearby Turtle Bay Resort owner Oaktree Capital Management LD.
Hawaii Reserves President R. Eric Beaver says the company owned by The Church of Jesus Christ of Latter-day Saints aims to keep prices down for area residents near the church's Brigham Young University-Hawaii and its Polynesian Cultural Center.
The plan also calls for more parks and recreation facilities under a master plan Hawaii Reserves is developing for the area. The new parcel is to be combined with land already owned by the church land company, which has extensive developments in the area.
Beaver said zoning and permitting could take up to five years and no calendar has been set for completion.
Information from: Honolulu Star-Bulletin
(Copyright 2007 by The Associated Press. All Rights Reserved.)