Parker Ranch and Highridge Costa Announce Memorandum of Understanding to Explore Affordable Housing for Waimea on Hawai'i Island

WAIMEA, Hawaii, Aug. 3, 2022 /PRNewswire/ -- Prominent landowner Parker Ranch and affordable housing leader Highridge Costa have entered into a Memorandum of Understanding (MOU) to explore possible collaboration on the development of affordable housing units on the Island of Hawai'i. Both parties intend to explore development of the affordable housing, senior housing, and workforce/agricultural housing with the intention of working together toward the successful development and operation of these product types for the Waimea community. Parker Ranch plans to prioritize projects for affordable housing product.

Highridge Costa has quickly become a major developer of affordable housing in the state of Hawai'i, with new homes for seniors and families completed, under construction or planned in the counties of O'ahu and Maui. The proposed units at Parker Ranch would add 259 affordable housing units, including 64 homes for seniors and 195 homes for families.

"Parker Ranch is thrilled to be working with Highridge Costa to focus on property with the proper zoning and infrastructure to meet the critical demand for affordable housing," said Dutch Kuyper, President and CEO of Parker Ranch, Inc. "Parker Ranch will explore affordable housing opportunities that integrate with our sustainable community design, tying together walkable community concepts and open spaces. We are also considering working with Highridge Costa to address senior housing needs."

The parcels and areas that Parker Ranch and Highridge Costa will focus on could create 150 to 300 affordable housing and senior housing units over the next five years.

"We are excited to be working with Parker Ranch, which is committed to addressing affordable housing in the community," said Moe Mohanna, President at Highridge Costa Development. "We look forward to meeting with the community, getting the best ideas, and moving toward planning, funding, and breaking ground on future affordable housing."

Parker Ranch and Highridge Costa will work together to develop multiple concepts for affordable housing to serve the community. As Kuyper explained, "At the heart of everything we do is the Ranch's mission to maintain and improve the unique quality of life and the way of life in Waimea. We do that through the support of the Parker Ranch Foundation Trust that provides perpetual support to its beneficiaries engaged in healthcare, education, and charitable giving in the Waimea area. Our plans for affordable housing development with a prospective partner align with our mission to preserve the character of the Waimea community and our paniolo legacy."

While continuing to operate a thriving cattle operation today on its 130,000 acres of upcountry land, Parker Ranch has expanded its strategic initiatives to include alternative energy production and forestry as part of its comprehensive approach to land stewardship. Themes of sustainability and sustainable economic development are guiding principles that have allowed Parker Ranch to enhance the value of the lands and improve its legacy cattle and overall business operations. The affordable housing initiative is part of the Ranch's priority to address housing, balancing the needs of a growing community with the preservation of agricultural operations and open space, which fits in well with the primary mission of Highridge Costa.

"At Highridge Costa we are steadfast on creating a blueprint for a better nation," noted Mohanna. "Our mission is to create viable housing options for the future, by building living communities that change lives."

Parker Ranch and Highridge Costa will collaborate with state and county agencies to address the critical need for affordable housing, quantified by the OHCD in the 2019 Housing Planning Study, which projected an estimated 10,000 affordable housing units needed on the Big Island from 2020 to 2025 for households at 140 percent of the area median income or below. The study is available at https://dbedt.hawaii.gov/blog/20-01/.

About Parker Ranch
Parker Ranch is one of the largest and oldest cattle ranches in the United States.  Parker Ranch Inc. is wholly-owned by Parker Ranch Foundation Trust whose beneficiaries are four non-profits:  Queen's North Hawai'i Community Hospital, Hawai'i Preparatory Academy, Parker School, and Hawai'i Community Foundation.  To learn more, please visit www.parkerranch.com or www.prft.org.

About Highridge Costa
Highridge Costa is one of America's leading developers, financiers, owners and operators of workforce family and senior communities, as well as permanent supportive housing for veterans and others.  Since 1994, the award-winning organization has developed and invested in over 30,000 low-income housing units across 300 apartment communities in 33 states and Puerto Rico. For more information on Highridge Costa, visit www.hcosta.com.

SOURCE Parker Ranch