Star Bulletin Says Full Speed Ahead On Buying Turtle Bay
The Star Bulletin had an editorial encouraging the State to Buy Turtle Bay. My response in their comments below. This is a win win for the North Shore Serial Protester Surfers. Townies pay the bill, North Shore stays the same.
Most of what is written about Turtle Bay is very inaccurate. I cover a lot of this in my open letter to Governor Lingle on my blog - My Open Letter to Governor Lingle. The worst is the news and the Serial Protesters always saying Oaktree was going to start building 3,500 units. The truth is they were starting to build on land that is zoned for up to 3,500 units. That is a HUGE difference. The market is over for mega hotels. People want boutique hotels - less expensive and dense. That is what would have been built.
So now what is going to happen? Hawaii's economy is going to be very bad for the next 2-5 years. Oaktree will not be able to sell the property, there will be a massive lawsuit and you SUCKERS over in town will be paying the North Shore surfers somewhere between $600 -$800 million after all the lawyers, accountants, bankers, bureaucrats all get their fees.
Governor Lingle screwed this one royally and will be running for the US Senate by the time you all pay the bill.