Real estate developer Peter Savio raffled off about 240 lots in two projects designed to put land in the hands of local farmers for below market rates this past weekend.
The plots were part of the Ohana Farm Parcels and Orchard Plantation projects, by developer Savio Growth Ohana Farms LLC, an entity managed by Savio and Savio Realty Ltd.
The two- to five-acre lots ranged in price from $125,000 to $130,000 per acre, which is half the current market rate, according to a press release from representatives of the real estate company.
These projects are just two of Savio's four on Oahu aimed at providing farmers with affordable agricultural land at below market rates.
Both locations include plans for a plantation camp or agriculture condominium, which open up additional possibilities for financing. The centralized nature of the housing plans also reduces the costs of that venture by allowing for central power and sewer lines.
"Our goal is to provide the most affordable agricultural lands on Oahu through a condo association format," Savio said in a written statement.
Each lot is fee simple, meaning the owner has absolute ownership of the property and can resell at any point.
About 1,500 farmers who did not receive land through the raffle are on the back-up list, according to representatives of Savio Realty.
The Orchard Plantation, located in Waialua, is a 155-acre project, offering below market rate nonorganic orchard land.
Ohana Farm Parcels, located near the Dole Plantation, offers organic and nonorganic plots. The original developer, Aloun Farms, has already graded, tilled and amended the soil at that location, according to the project's website.
Savio has more than 60 years of experience in real estate development, with some of his biggest projects including Queen Emma Gardens and Century Park Plaza, which were both 500- to 600- unit projects.
For more information about the projects, go to saviofarmland.com.
