Developers to secure funding for Kauai resort demolition

Developers to secure funding for Kauai resort demolition

LIHUE, Hawaii (AP) - Developers seeking to rebuild the former Coco Palms resort site on Kauai say they are close to securing funding for demolition of the property.

The Garden Island reports that John Pang with the Honolulu-based redevelopment firm Coco Palms Hui LLC says they expect to close on a deal with Utah-based lending company Private Capital Thursday. He told the Kauai County Commission Monday that they had agreed on the funds required for demolition and construction.

Pang says demolition will begin immediately after the deal has been finalized.

The resort has been closed since Hurricane Iniki damaged the property in 1992.

Coco Palms officials are looking to construct a new 350-room hotel at the site, with plans to have it up and running by 2018.

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