KOHALA COAST, Hawaii -- Mauna Kea Development Corp. and Moana Ikena, LLC, announced the sale of 47.7 acres at Mauna Kea Resort on Hawaii's Big Island for the development of a new master-planned resort residential community.

Located in the upper highlands of the world-famous resort, the project is called "Waiulaula at Mauna Kea Resort" and will be comprised of 102 resort residential homes in a mix of single-family estates and luxury condominiums.

Groundbreaking is expected to take place this fall with the build-out completed over a 36-month period.

The gated, lushly landscaped, low-density community will be surrounded by the highly acclaimed Hapuna Golf Course, and include a homeowner amenity program that takes advantage of the resort's beaches, golf courses, tennis and fitness centers, spas, restaurants, homeowner services, and hotel facilities.

Yoichi Asari, president of Mauna Kea Properties, Inc., commented, "We are very impressed with the quality of this planned resort residential community and how the new homes will fit in perfectly with the luxury amenities and natural beauty found at Mauna Kea Resort." Mauna Kea Properties, Inc., handled the land sale on behalf of Mauna Kea Development Corp.

Moana Ikena, LLC, is a Hawaii-based company consisting of AEW Partners IV, Maryl Group, Inc., and Mauna Kea Mauka Partners LLC.

Mauna Kea Mauka Partners, LLC, is made up of Blackpoint Capital Advisors, LLC, Maryl Group, Inc., and James R. Dollens.

Gary Iki, CEO and managing director of Blackpoint Capital Advisors, LLC, a Honolulu-based investment and merchant bank, stated, "It's very exciting to be getting underway with a development that will combine great value and the renowned quality of life at Mauna Kea Resort. Our project will complement this world-class setting with magnificent ocean and golf course views, spacious living areas, and first-rate homebuilding."

Mr. Dollens, a longtime Mauna Kea Resort resident, initiated the effort for a quality home development in keeping with the resort's ambiance of relaxed comfort.

"Having been actively involved in this community for years, I know how important it is for any new project to perpetuate the special lifestyle that's available at the resort. Our project accomplishes this," said Dollens.

The developer is the award-winning Maryl Group, Inc., headed up by company president Mark Richards, who has built many luxury projects in Hawaii.