Castle & Cooke Homes Hawaiʻi, Inc.

Background

Founded in 1851 by Samuel Northrup Castle and Amos Starr Cooke, Castle & Cooke Homes Hawaiʻi, Inc. has evolved from a general store into a prominent real estate development company in Hawaiʻi. The company's mission is to invest in Hawaiʻi, create communities, and deliver dreams, with a vision to develop smart, sustainable, and vibrant planned communities where Hawaiʻi residents can live, grow, and thrive.

Key Strategic Focus

Castle & Cooke focuses on residential and commercial real estate development, emphasizing master-planned communities that integrate environmental health, social equity, and economic vitality. The company specializes in creating sustainable communities by incorporating clean energy technologies and innovative designs that promote non-motorized traffic. Their primary markets include residential homeowners and commercial tenants in Hawaiʻi.

Financials and Funding

While specific financial details are not publicly disclosed, Castle & Cooke has a history of significant investments in Hawaiʻi's real estate sector. The company has developed over 24,000 homes since 1963, including the $2 billion Koa Ridge project, indicating substantial financial commitments to large-scale developments.

Pipeline Development

Castle & Cooke's current major project is Koa Ridge, a master-planned community in Central Oʻahu. The development includes approximately 3,500 residential units, with 30% designated as affordable housing. The community will feature retail spaces, a healthcare campus, a business park, and a 7.5-mile pedestrian pathway. Groundbreaking occurred in November 2017, and the first homeowners moved in by November 2020.

Technological Platform and Innovation

Castle & Cooke distinguishes itself through the integration of sustainable technologies and innovative community designs:

Proprietary Technologies: The company incorporates photovoltaic (PV) ready homes, solar water heating systems, and electric vehicle (EV) ready garages in their developments.

Significant Scientific Methods: Advanced biofiltration systems are installed to treat stormwater, separating pollutants before they enter ocean waters.

Leadership Team

Harry A. Saunders III, President: With over 45 years at Castle & Cooke, Mr. Saunders oversees all Hawaiʻi operations, including residential and commercial real estate, agritourism, retail, and food and beverage operations.

Troy T. Fukuhara, Vice President, Corporate Counsel & Assistant Secretary: Mr. Fukuhara provides legal guidance and oversees corporate governance matters.

Lauralei Tanaka, Vice President, Controller and Assistant Treasurer: Ms. Tanaka manages financial operations and reporting.

Garret Matsunami, Vice President, Residential Operations: Mr. Matsunami leads residential development projects.

Christopher M. Lovvorn, Vice President, Commercial Development: Mr. Lovvorn oversees commercial real estate projects.

Susan Harada, Vice President, Retail Operations, Dole Plantation: Ms. Harada manages retail operations at Dole Plantation, one of Hawaiʻi's top visitor attractions.

Denise Kobashigawa, Director - Human Resources: Ms. Kobashigawa oversees human resources functions.

Tony L. Marlow, President, Aviation Operations & Business Development: Mr. Marlow leads aviation operations and business development initiatives.

Leadership Changes

In May 2023, Harry Saunders, President of Castle & Cooke Hawaiʻi, received the Holo Pono Lifetime Achievement Award at NAIOP Hawaii’s 26th Annual Kukulu Hale Awards, recognizing his nearly five-decade career and contributions to the industry.

Competitor Profile

Market Insights and Dynamics

Hawaiʻi's real estate market is characterized by high demand and limited land availability, leading to high property prices. The median price for single-family homes exceeds $1 million, and for townhomes and condos, it's over $500,000. This creates challenges in providing affordable housing for local residents.

Competitor Analysis

Stanford Carr Development: Known for high-end craftsmanship and attention to detail, catering to those seeking an elevated living experience in Hawaiʻi.

K. Hovnanian Homes: Focuses on providing quality homes at affordable prices, offering various options for residents.

Schuler Homes: Recognized for customization and high-end design in the Honolulu real estate market.

Strategic Collaborations and Partnerships

In October 2024, Castle & Cooke Hawaiʻi partnered with Koa Partners to redevelop Block D in the Our Kakaʻako community. The project, named Waiakoa, will feature approximately 1,032 homes, with 60% designated as affordable housing, along with commercial spaces and community green areas. Groundbreaking is expected in 2026.