OliverMcMillan of San Diego closed its purchase yesterday of the unfinished Moana Vista condominium project on Kapiolani Boulevard.
The project, which was headed to foreclosure auction due to a $29.5 million lien, was nearly half-built by developer KC Rainbow as a mixed-use residential tower with 492 units. OliverMcMillan has renamed the project Pacifica.
Dan Nishikawa, OliverMcMillan's development director, said the company plans to add resort-level amenities, improve upper-unit floor plans and upgrade the interior design. OliverMcMillan plans to restart the project in 2010, and will notify previous buyers of their priority for purchase of a unit.