Three years after the 2023 Maui wildfires, owners at two Lahaina condo complexes — Aina Nalu and Spinnaker — are still struggling to fund rebuilds due to major insurance shortfalls and no government assistance. Aina Nalu had only about 20% of the estimated $200 million needed to rebuild.
- Aina Nalu’s 189-unit complex was fully destroyed, but its insurance was structured for partial losses, leaving owners with roughly 20% of the $200M+ needed to rebuild.
- No government assistance programs are available to help condo owners at either property cover the funding gap.
- The global wildfire settlement will add some funds, but individual owners are expected to contribute significantly out of pocket.
- Spinnaker HOA, a block away, was better insured and is moving forward with plans to rebuild on the same footprint with modern upgrades.
- Permitting delays and disputes among owners have added further friction to the rebuilding process at both properties.
Source: Hawaii News Now
Share this article
