KITV4 News has confirmed a group of Hawaii investors is buying the Coco Palms resort on Kauai.
The group called Coco Palms Hui LLC is under contract to buy the resort.
Tyler Greene, from Bridge Real Estate, the developer for the project says he's working with the county of Kauai to restore Coco Palms under the Iniki ordinance to its original state.
Greene says the company applied for the demo permits this week and crews hope to start demolishing the dilapidated portions of the property soon.
They hope to start construction in early 2014.
"Over the years we have heard many plans for the Coco Palms property, but this is the first time we’ve seen real action. There is no way to predict what will happen, but it has always been my hope that whatever happens with the property, its historical and cultural significance will be preserved," said Kauai County Mayor Bernard Carvalho Jr.
Planning Director Mike Dahilig noted that only a demolition permit has been sought at this time.
"Any future permit applications by Coco Palms Hui will be evaluated appropriately as the law provides at the time of submittal," Dahilig said.
In June, the mayor initiated a bill that would repeal the remaining provisions of the so-called "Iniki ordinance," which was approved by the Planning Commission. The Iniki ordinance allows for the restoration of a non-conforming building or structure to its pre-Iniki condition. The bill is expected to be forwarded to the council by the Planning Department within the next two weeks for its consideration.
Greene didn’t reveal how much it was going to cost to renovate or to purchase the property.
They said they are going to start work this week to clear the brush and vegetation so residents on the Garden Isle will start seeing some activity at Coco Palms soon.
The Coco Palms was the only hotel that was not fixed since Hurricane Iniki hit the island back in 1992. The resort was made famous by the Elvis Presley film "Blue Hawaii."