Artist rendering of proposed Hyatt's Unbound Collection - Coco Palms, Kauai
Construction on the $135 million redevelopment of the iconic Coco Palms Resort on Kauai’s East Shore is expected to start in January.
Coco Palms Hui, who acquired the property for $23 million, is in the final stages of the $3.5 million demolition of the resort, which had been closed since being severely damaged by Hurricane Iniki in 1992.
The Honolulu-based developer gave an update on the project to stakeholders and others at an invitation-only event in Honolulu on Friday evening. The property will become a 350 room Hyatt branded resort, The Unbound Collection.
WATG is the architect of record for the project with Ron Agor as an architectural consultant and project manager. A general contractor is expected to be selected in the next 30 to 45 days.
The project is expected to be completed in the second quarter of 2018.
Prudential Financial Inc. (NYSE: PRU) has an interest in the project, and EB-5 funding is also being used to fund construction for the development. An EB-5 visa provides a way of obtaining a green card for foreign nationals who invest money in the U.S.
Several developers have tried to redevelop the well-known resort, which was featured in the 1961 Elvis Presley movie “Blue Hawaii.”