Who we work with
Landowners with developable land
Many parcels in Hawaii are held by families and long-term owners who know the land is worth more subdivided and built out but don't want to take on entitlement risk themselves. We evaluate the parcel, underwrite what it can realistically support, and set out the paths available: taking it through entitlement, building it out, or, on select projects, a joint venture.
Developers looking for a builder-developer partner
Most firms are one thing or the other. A general contractor builds to plans someone else entitled, and a developer entitles land and hires the building out. Masterpiece does both, and has taken its own projects through acquisition, entitlement, construction and sale. A partner who has carried the entitlement risk prices the build differently from one who hasn't.
Investors and capital partners
We work with equity investors, private lenders, financial institutions and joint venture partners looking for disciplined residential development in Hawaii. Underwriting is conservative, governance is clear, and incentives are aligned at every level of the capital stack. On select projects, Masterpiece takes part as a joint venture partner, bringing its completed-project history, bonding capacity and development experience.
Build-to-sell projects
We build homes and small subdivisions for sale, and we underwrite them from the exit backwards. See how we underwrite build-to-sell below.
What subdivision development involves in Hawaii
Turning raw land into buildable lots in Hawaii means coordinating a long list of reviews and agencies, and any one of them can hold up the whole project. We manage the full program:
- Environmental review: environmental assessment or impact statement where required, plus traffic studies
- Entitlement and county approvals: zoning, subdivision approval, and Hawaii County or Maui County planning review
- Coastal and federal overlays: Special Management Area (SMA) permitting, FEMA flood zones, and U.S. Army Corps of Engineers jurisdiction
- Infrastructure: civil engineering, roads, stormwater, and every utility
- Public facilities: parks, schools, and police and fire requirements
- Vertical construction: single-family, multifamily and mixed residential, delivered through to certificate of occupancy
Where a project includes affordable or workforce housing, we structure it under the frameworks that apply, including Maui County's workforce housing provisions and Hawaii's Chapter 201H affordable housing pathway, and we model those programs as part of underwriting from the start.
Owning both the entitlement and the build means nothing gets lost in a handoff. Handoffs between separate parties are where most schedule and budget slips on a Hawaii development.
Development portfolio
Kona TBA: Big Island
A 500+ lot single- and multi-family residential community on the volcanic hillsides of Hawaii's Big Island, planned over an eight-year build-out. It is the firm's largest project to date. Project details →
Kihei Village: South Maui
81 resort-style residential units in the heart of Kihei. Qualified buyers had soft-committed to 100% of the units before ground was broken. Project details →
Kenolio Village: South Maui
A 240-unit affordable housing community in Kenolio, where an active estuary meets the Pacific. Entitlement involves floodwater mitigation, estuary protection and extensive community engagement. Groundbreaking is planned for 2028. Project details →
Kihei mini-subdivision: Maui
A small residential subdivision in Kihei. Three homes are built and 13 more are planned.
Build-to-sell: we underwrite the exit first
On a build-to-sell project, what decides the outcome is the real estate market on the day the homes are finished. A project can be built correctly and on schedule and still fail commercially, because carrying costs keep running against the full loan balance until it sells. At 1% to 1.5% of total project cost per month, a home that sits for six months waiting for the right buyer can eat the entire projected profit.
So we look at the exit before we look at the build:
- What the finished product will realistically sell for in that submarket
- How long comparable inventory takes to sell
- Whether the projected margin still holds if sales run slower than the base case
A project that only works if it sells immediately doesn't work. More on what drives cost and schedule in Hawaii is in our Big Island builder's guide and FAQ.
Development consulting and feasibility
Before land is bought or a structure is committed, we do the project-level financial work that decides whether a development should go ahead:
- Feasibility studies and highest-and-best-use analysis
- Development pro formas and sensitivity analysis
- Absorption and comparable-sales analysis
- Affordable housing program modeling under county and state frameworks
- Construction cost and schedule estimating built on real Hawaii pricing, freight and lead times
For a landowner, that means knowing what the land can support before spending on entitlement. For a capital partner, it means a development partner who speaks the same underwriting language.
Track record
- Hawaii contractor license CT-32126, active. Founded 2010, with a peak of 50+ employees.
- Grand Award, New Residential: BIA-Hawaii Building Industry Design & Construction Awards, for the McCully Apartments in Honolulu (source).
- Ranked among Hawaii's top 50 general contractors (Pacific Business News, 2019–2021) and among Hawaii's largest private companies (Pacific Business News, 2025).
- Trusted general contractor to Hunt Companies, Lendlease and ForestCity/Northstar, helping maintain more than 20,000 privatized military housing units across the Hawaiian Islands.
- SAM-registered federal contractor working under USACE and NAVFAC, compliant with EM 385-1-1, with an Experience Modification Rate of 0.89.
Frequently asked questions
What does a subdivision developer do in Hawaii?
A subdivision developer turns a raw parcel into buildable lots and, often, finished homes. The work covers acquisition analysis, environmental review, zoning and subdivision approval, county permitting, any SMA or flood-zone requirements, roads, utilities and stormwater infrastructure, and then vertical construction. Masterpiece Construction & Development does both the development and the construction under Hawaii contractor license CT-32126.
I own land in Hawaii. Can you develop it with me?
Often, yes. We start by underwriting the parcel to see what it can realistically support. Then we lay out the options: taking it through entitlement, building it out, or, on qualifying projects, structuring a joint venture with Masterpiece. Every parcel is different, so the first conversation is about the land and your goals.
Do you build homes to sell?
Yes. We build individual homes and small subdivisions for sale, and we underwrite them from the exit backwards: realistic sale price in that submarket, how quickly comparable homes sell, and whether the margin holds if sales are slower than planned. Carrying costs run about 1% to 1.5% of total project cost per month, so the sale timeline matters as much as the construction budget.
Which islands do you develop on?
Hawaii Island (the Big Island) and Maui. The firm is headquartered in Kamuela and has active developments in West Hawaii and South Maui. Its roots are on Oahu, where principal Chris Oxendine has more than 20 years of residential and development experience, including large-scale military housing work.
Do you work with institutional capital?
Yes. We work with equity investors, private lenders, financial institutions and joint venture partners, and we provide project-level underwriting, including pro formas, absorption analysis and affordable program modeling, in the form capital partners expect.
Holding land, evaluating a parcel, or looking for a development partner in Hawaii? Let's talk.
Start a Conversation