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Upgrade coming at stalled condo


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POSTED: Wednesday, December 23, 2009

OliverMcMillan of San Diego expects to begin construction on the former Moana Vista condo project in Kakaako — now renamed Pacifica — in March.

OliverMcMillan purchased the $29.5 million lien on Moana Vista at 1009 Kapiolani Blvd. in October, and plans to give the 46-story residential tower an upgrade. Completion is expected in summer 2011.

Construction of the Moana Vista by former developer KC Rainbow II LLC had been stalled at the 27th floor for more than a year due to lack of financing and was headed toward foreclosure auction before OliverMcMillan stepped in.

OliverMcMillan says it will invest about $150 million in the project, which will create more than 400 construction jobs.

The company says it already has invested more than $36 million toward the purchase of the property and has paid Hawaiian Dredging in full for its lien.

Previous buyers will be given an exclusive priority opportunity to purchase a unit at Pacifica, according to the company, though prices have not been determined yet.

A temporary sales center on the ground floor of the Honolulu Design Center is slated to open Jan. 15.

“;OliverMcMillan will deliver a substantially upgraded and superior project with Pacifica,”; said Dan Nishikawa, OliverMcMillan Pacific Rim group president. “;The local community will also have the opportunity to purchase a new home in a prime high-rise condominium tower at pricing substantially below the current market. This great opportunity is due to the circumstances of our acquisition of the property as well as the competitive construction environment.”;