They also have acquired the option to purchase an additional 372 acres known as Phase II. Renamed Ko Olina Resort Marina, future plans call for the resort's development to revolve around a world-class marina, sports club and Town Center, creating the state's first resort marina residential community.

Other resort amenities include the Ko Olina Club, a restaurant, concierge services and a retail shopping area. There also will be a tennis garden, wellness spa, central park and tropical gardens. The initial residential development plans include marina, beach lagoon and golf course homes. Construction will start in early 1999.

Ko Olina was developed in the 1970s as one of the most ambitious development projects in Hawaii's history. Projects already completed within the resort as part of the first phase are: Ihilani Resort Spa, a AAA Five-Diamond hotel; Paradise Cove, a l2-acre park that hosts one of the state's most popular luau attractions; the award-winning, Ted Robinson-designed, 18-hole championship golf course; and the award-winning Fairways condominiums.

The manager of the new owners will be Ko Olina Partners, LLC. Jeff Stone and Kevin Showe are managing directors. They have been involved in successful Hawaii and mainland real estate ventures for nearly two decades.

"The new owners are not public corporations, but a group of families who love Hawaii as kama'aina (longtime) residents and frequent visitors," said Jeff Stone, who grew up in Hawaii. "We intend to recreate and perpetuate a traditional island lifestyle at Ko Olina Resort Marina that is true to Hawaii's unique spirit of place." To perpetuate the kama'aina spirit, architectural plans call for design elements extrapolated from plantation, cottage, Mediterranean and missionary styles. "This is a lifestyle resort with four sheltered, blue lagoons and white sand beaches in a breezy, sunny location that is perfect for active families who love ocean activities and
boating," said Showe.

The Vision: Home for Hawaii's Challenge to the America's Cup and Solidifying Honolulu's "Second City"

In keeping with its ocean theme and marina environment, Ko Olina Resort Marina will host Aloha Racing's Abracadabra 2000, Hawaii's first challenger entry to the America's Cup. Just by competing, Abracadabra 2000 will generate worldwide attention for Hawaii. By winning, the economic impact of hosting the first America's Cup of the millennium could bring revenues of up to $l billion for the state. The Ko Olina Resort Marina purchase will bring fresh energy and a positive economic impact to the west side of Oahu. The resort is located 25 minutes from Honolulu International Airport and accessible to nearby retail designer and couture shopping outlets, the beaches, restaurants and night life of Waikiki. This new ownership will partner with the businesses within the resort to generate jobs and new resort business opportunities. Ko Olina Resort Marina also will solidify Kapolei, the city and county's "second city" development.