The unfinished Moana Vista condo tower has been renamed Pacifica by its new owners and will have 46 stories and resort-level amenities upon completion:
San Diego-based OliverMcMillan has bought the partially
built Moana Vista condo tower from the original developer
for an undisclosed sum, averting a foreclosure auction.
(photo: Honolulu Advertiser)
Kaka'ako condominium tower sold
New owner plans to resume building early next year
by Andrew Gomes
Honolulu Advertiser
Octob er 22, 2009
The partially built Moana Vista condominium tower in Kakaako, makai of McKinley High School, has been renamed Pacifica by a development firm that completed its purchase of the stalled project yesterday. San Diego-based OliverMcMillan said it expects to resume construction early next year and will give buyers who previously held reservations to buy units from the original developer priority to buy units in the revamped project. OliverMcMillan has not set prices for Pacifica. Some changes to the 46-story tower are planned besides the name, including exterior design, unit interiors and the addition of resort-level amenities. The number of units may change slightly from the 492 originally planned.
OliverMcMillan acquired the project for an undisclosed price from original developer KC Rainbow II LLC, which ran into financing trouble late last year. That led to construction being halted in November and a foreclosure lawsuit filed by general contractor Hawaiian Dredging Construction Co.
The sale averted a foreclosure auction of the project, which is about 40 percent complete, with the tower's structure rising up to the 26th floor.
OliverMcMillan is a 30-year-old privately held firm that has developed a variety of residential and commercial real estate projects. The company said it has $2 billion worth of projects in its development pipe-line, including a $700 million urban redevelopment plan in Houston, residential lofts in San Diego and a mixed-use project involving a historic winery in Ontario, Calif.