Corine and Jak are Maitreya's second owners. She was built by her first owners, Bill Hynes and Lavonne Hynes-Weber. The process started in 1971 and was completed in 1975. Maitreya has a Ferro-Cement hull, with a wooden deck, cabin and interior.
During construction, steel mesh is layed over a wooden mold to shape the hull. Three more layers of mesh are tied to the intial layup with thousands of individual wire ties. Concrete was then forced through the 4 layers of mesh by a master plasterer. This yielded an extremely strong and fair self-contained hull that also encompasses the keel.
Four Ingrids were built during a similar time in San Francisco near the current site of AT&T Park. These included China Rose (Peter Minkwitz), Seminole (Barry Spanier), Maitreya (Bill Hynes) and one other boat named after his mother-in-law by Michael Richardson. Michael's boat has been renamed Pandora and is owned by Marc Cenac in Sausalito. Part of the story of building and sailing Seminole is told by Barry Spanier.

Ferro-cement became somewhat of a fad in the 1970's, when do-it-yourselfers thought that it was just a matter of work. Time showed that was not the case, as many poor builds failed and gave the material a bad name. Well built ferro boats are stronger and dryer than wood or fiberglass.

The construction techniques have been around for over 150 years . The US Navy has even written a manual for ferro-cement construction.