Hawaii Developer Closes on Purchase of Hundreds of Acres on Oahu’s North Shore

Hawaii developer Peter Savio confirmed to KITV4 that he closed on the purchase of hundreds of acres on Oahu’s North Shore from Dole Food Co. for about $10 million.

Savio plans to divide up the 283 acres of land into 100 small plots and sell them individually to farmers who are committed to use it solely for farming.

Savio has said that he’s found buyers for all 100 of the Waialua agricultural parcels, with an expected closing date around September.

The mortgage will be $400 a month per acre, with an overall price of $60,000 for an acre of land.

“This whole transaction was possible with everyone of our small farmer buyers working together to buy in fee their farm,” Savio said. “Most buyers are members of the original coop that has farmed the land since the mill closed.”

Savio says the success of the project shows that small farmers from one to five acres can make a living farming and selling to clients or at farmers markets.

“This is a project that the local families and farmers won all the benefits,” he said.

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