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Last Update

2008-11-18T00:00:00.000Z

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Background Information

Employment History

President
Pacific Island Investments LLC

Project Developer
Pacific Island Investments LLC

Web References (2 Total References)


First Hilo condo in 30 years ready to build - The Honolulu Advertiser

www.honoluluadvertiser.com [cached]

An initial phase of possibly four buildings and the clubhouse could be finished by the end of next year, said project developer Gil Barden of Pacific Island Investments LLC and California-based Invest West Financial Corp.


Developer 'shocked' at low interest in project - The Honolulu Advertiser

www.honoluluadvertiser.com [cached]

Gil Barden

...
"Shocked" is how Barden described his response, adding, "We haven't had a very strong reaction from the affordable community."
The 21 one-bedroom units are available for about $205,000 - a price within county affordable-housing standards that Barden volunteered to meet.
...
Barden said he expected far more response even though the units are only slightly cheaper than market-priced units that attracted a response he said was above his expectations.
...
Barden said he initially wanted to develop Wailuku Village as a 100 percent affordable project, but that soaring construction costs made that plan financially infeasible.Pricing the 21 units lower, he said, left the project with too little projected profit for the risk financial backers are taking."There's a lot of risk," Barden said.
...
Barden said about 80 prospective buyers sought applications, but only one reservation was made to participate in a lottery to buy the below-market units.
If Barden doesn't receive reservations for all below-market units after 90 days, he plans to make any unreserved units available at market prices to anyone.
Typically, under county rules mandating 20 percent below-market units for housing projects on land rezoned for residential use, unreserved affordable units after 90 days are made available for another 30 days to buyers who meet income guidelines but have previously owned a home.After that, the units can be sold to anyone at the below-market price.
But Wailuku Gardens wasn't required by the county to provide below-market units.Barden volunteered to offer below-market units, and committed to the initial 90-day sale period to qualified buyers.
For offering below-market units, Barden received expedited permitting.And for each below-market unit sold, he will receive credits he can sell to other developers wanting to satisfy affordable housing requirements.But Barden said his main motivation was to help average buyers.
"I consider myself a community developer, and I wanted to give back to the community," he said."It's actually good for us (financially) if (the affordable units) don't sell."
Barden, president of Pacific Island Investments LLC, is primarily a single-family home builder who has developed about 25 homes on the Big Island in the past two years.

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