San Diego firm agrees to buy unfinished Moana Vista tower


POSTED: Thursday, October 01, 2009

San Diego-based OliverMcMillan has agreed to purchase the unfinished Moana Vista condo project on Kapiolani Boulevard.

The company agreed to pay off the $29.5 million lien with general contractor Hawaiian Dredging Construction Co., which initiated a foreclosure action in April.

No purchase price was disclosed.

The deal is expected to close tomorrow, the same day a postponed foreclosure auction was scheduled for the public. The court will terminate the auction.

Moana Vista, originally slated as a 46-story residential tower by developer KC Rainbow II, was stalled late last year due to lack of financing. It has been built up to the 27th floor, and is considered about 40 percent complete.

OliverMcMillan also has executed a final contract with KC Rainbow to acquire the former developer's interest in the property, which gives the San Diego company control of the ownership and the lien.

OliverMcMillan, which has more than 30 years of development experience, says it intends to improve and rename the project. Construction is expected to begin again early next year.

“;We appreciate the support and patience of recent purchasers in Moana Vista and will contact them in the near future with details of the new development plan and the project improvements,”; said Dan Nishikawa, development director of OliverMcMillan.