by Ken Quintanilla
Guam - It's been nearly a decade since the project was
stalled, but following a settlement agreement early this year, Lada Estates may
soon become a reality as Maeda Pacific Corporation plans to break ground once
again for 400 affordable homes. Maeda Pacific president Tom Nielsen says
although many may have long forgotten about the Lada Estates project, it's best
to know about it now as he plans to move full steam ahead and break ground once
again by the mid part of this year.
Nielsen told KUAM News, "We're just finalizing some
deals in-house and we're planning to follow-up on the original intent of the
law to build low-income housing for the people of Guam
and we're getting our plan together to get it back in there and start cleaning
up the land and start building homes."
Early this year a Superior Court judge signed a settlement
between Maeda Pacific and the Guam Housing Corporation to move forward with the
project. The project was sitting for more than two decades and was in legal
limbo for almost 10 years. In 1990, Maeda Pacific completed the first phase of
infrastructure for Lada Estates, however, in 2004 a dispute over construction
costs between Maeda pacific and GHC - which owns the land - sent the parties to
court.
GHC president Martin Benavente meanwhile says he's seen the
project sit for years, noting repair work that must be done. "So you got
manholes that are missing, you got electrical wires that are missing, you got
debris that has been dumped there from people over the years. Refrigerators,
cars, everything that is sitting there and trees that have grown up from tiny
weeds to big trees now," he said. Benavente hopes Maeda Pacific can move
quickly on the project providing its support in meeting their goal even
offering financing for some homes down the line.
Nielsen meanwhile is unsure of just how much the homes will
cost but plans to go with the original intent of building 400 affordable homes
consisting of a few duplexes but a majority being single-family homes each
having their own lot. And although he doesn't expect to make any money on the
deal, he hopes to at least get back the nearly $11 million he invested in the
property. Ultimately, it's a project that's needs attention.
"I still think we need affordable homes on Guam. We have a lot of overpriced, expensive homes but we
need starter homes for young families and it's important to get these projects
moving," he said.
The settlement meanwhile requires Maeda Pacific to build the
400 affordable homes within six years and should they not follow through on the
project, the property will revert back to the government.
