More Homes on the Way
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After years of planning, over 1,000 local families have now benefited from Grove Farm’s Puakea Master Plan – all while satisfying a 60% affordable housing requirement.
Grove Farm’s latest milestone was a groundbreaking ceremony on Wednesday, May 3rd, at the future Puakea I subdivision. The project’s progress was recognized by Mayor Bernard Carvalho, Council Chair Mel Rapozo, Earthworks President Jeff Fisher, and Grove Farm’s Vice President David Hinazumi, who each described the benefits of this residential development.
What is important to recognize is that every new home provides an opportunity for many. When a current renter decides to purchase a home, it opens the door to someone in need of a place to rent. A buyer could be coming out of a crowded, multi-generational home, reducing the burden of a large family occupying a single residence. Furthermore, every new home on the market combats rising prices and our overwhelming demand for housing.
This project has a unique shared appreciation clause which is intended to discourage speculation. Each lot buyer who sells or flips their lot within 5 years is required to share the appreciated gain on a 50%-50% basis with Grove Farm. Again, the intent is to simply discourage speculation, which in turn will only raise prices, making it harder for future buyers to afford.
A lot of time, energy, and collaboration were required to get to this point. Mahalo to the County of Kauai, all of its involved agencies, our engineers, consultants, and the staff at Grove Farm.
Grove Farm continues its commitment to provide housing options for our Kaua`i residents. We are proud to report that 100% of the 24 lots in Puakea I will be sold to local families, with many more to come!