With so much well-thought out growth combined with the beauty and friendliness of the location, I think Kapolei will see a steady increase in value.
A House-SOLD Name!
Yes, I am in agreement with Arlene and Catherine. There are already significant economic drivers in effect in the Kapolei / Ewaplain region that leads me to the expectation of continued appreciation in the next 2-3 years, regardless of whether or not a mall is ever constructed.
It is not likely that home prices will "jump significantly" as the project will be built slowly over time. As the mall complex goes up and nears completion I think it would be natural to expect the real estate development and market values in the surrounding areas to see some positive gains as well, though market values are affected by a wide variety of factors, of course, so none of us can know for sure.
Certainly, adding such a significant landmark as the Ka Makana Ali'i mall by renowned DeBartolo Development to this area only serves to bring a heightened awareness to both Oahu residents and out-of-area investors alike that Kapolei truly is fast-becoming the "Second City" everyone said it would become. The mall, and other businesses that will open in Kapolei in coming years, will add hundreds of jobs and keep a lot more money in Kapolei, rather than having it spent at Ala Moana and Pearlridge, the two largest malls on Oahu, respectively.
I attended the meeting in Kapolei last week (Nov. 14, 2013) with the DeBartolo representatives, the Dept. of Hawaiian Homelands (DHHL) commissioners and about 120+ residents of the surrounding communities. You can read about some of it on my Twitter feed (@MunroMurdock) or by searching Twitter with the hashtag #KaMakanaAli'i as that is what I added to most of my posts during the meeting.
I listened to over two hours of testimony and discussion regarding this project and whether or not the DHHL commissioners should grant DeBartolo the one year lease extension they were seeking. You can read about the meeting and the outcome from it here: http://dhhl.hawaii.gov/2013/11/14/debartolo-kapolei-mall-pro
"Beneficiaries" (home owners on leasehold DHHL land) in surrounding Hawaiian Homelands communities were able to negotiate a 'benefits package' with the developer valued at approximately $5.5M during the first 25 years of the mall's operation. Essentially, they are to receive 4% of the gross rental proceeds paid by all of the mall's tenants. These funds will be transferred to DHHL monthly and set aside for use by these DHHL communities and their residents. Pretty interesting and I'm sure all of them are happy about this project now, even if they weren't before.
Interestingly enough, probably about 95% of those residents who took advantage of the opportunity to share 1 1/2 to 2 minutes of testimony spoke out in favor of this project, speaking to the many financial benefits and local conveniences that will be provided Kapolei residents as well as those who live in neighboring communities. While there will certainly be a traffic and busy-ness aspect that will come to the area as a side effect of a project of this size, the residents felt that the benefits of this mall coming in far outweighed any potential downsides. It could be argued that their support of it was partially financially motivated, if they happen to live in one of these communities that will be receiving a portion of the gross rents.
At any rate, I am in favor of this project being built as I feel it is ideally suited for the long-term vision of Kapolei's Urban Design Plan.
I hope you are able to see the appreciation gains in your home value you are hoping for in the coming years and when the opportune time comes to sell or to make another move I would be happy to assist you.