news http://www.pacificahonolulu.com news http://www.pacificahonolulu.com/images/logo.gif news http://www.pacificahonolulu.com en-us Copyright 2012 Northstar Internet, Inc. The contents of this feed are available for non-commercial use only. Northstar Internet, Inc.<![CDATA[Unfinished Condo Heads for Auction]]>http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=18http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=18
Foreclosure proceeds after tentative deal for Moana Vista falls apart
A deal to sell the partially built Moana Vista condominium tower makai of McKinley High School has fallen through, and the property is headed for a foreclosure auction scheduled for Sept. 25.
The slated auction is the latest twist for the troubled Kakaçako project, which has been stalled since financing problems halted construction in November after about 40 percent of the building had been completed.
Developer KC Rainbow II LLC had a tentative deal to sell the project to an affiliate of San Diego based development firm OliverMcMillan, but the sale fell through recently and there appears to be no prospects for avoiding foreclosure. “It’s just going to go to the highest bidder,” said Allen Leong, project operations director for KCRainbow.
The foreclosure was initiated in April by general contractor Hawaiian Dredging Construction Co., which hasn’t been paid for $29.5 million of work on Moana Vista.
Other subcontractors are owed substantially less money.
Bill Wilson, Hawaiian Dredging’s president, said it was unfortunate the foreclosure
had to proceed, and said KCRainbow worked hard to find a way to restart the project with new financing, a sale and other efforts that didn’t work out.
“This is not what anybody wants,” he said.
Leong said about $65 million has been invested in the project, most of it from KC Rainbow, which is led by Fred Chan, a high-tech entrepreneur and University of Hawaii graduate who successfully developed the nearby twin-tower project Moana Pacific.
Hawaiian Dredging estimates it will take close to $100 million plus the $29.5 million it is owed to complete the 46-story tower with 492 units.
Moana Vista has been in the works for more than three years, and initially appeared lined up to capitalize on the then-hot housing market. At a May 2006 sales lottery, 466 people competed to buy 192 units reserved for owner-occupants at prices roughly from $425,000 to $850,000. Investors reserved nearly all remaining units available for purchase.
But since then, buyers canceled many of their nonbinding reservations as weakness spread through the local real estate industry, financial markets and the economy.
At around the time construction stopped on Moana Vista late last year, KC Rainbow
slashed unit prices about 20 percent, but that didn’t produce enough new reservations needed for a lender to fund a $100 million construction loan.
Leong said all remaining reservations, about 175 units, will be canceled and full refunds of customer deposits will be made.
The auction is scheduled for noon outside the state Circuit Court building in Honolulu, and is being held by court-appointed commissioner Sanford Murata. More information on the sale is at moanavista.com.
Under a state agreement, the condominium would require reserving 124 units for
residents earning no more than 140 percent of Honolulu’s median income.
]]>newsSat, 12 Sep 2009 00:00:00 PDT<![CDATA[Moana Vista Foreclosure Auction on Hold]]>http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=17http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=17
Unfinished condo tower in Kaka'ako may have private sale lined up
A public foreclosure auction of the partially built Moana Vista condominium tower in Kaka'ako slated for today has been postponed to provide more time for a possible private sale.
The potential buyer isn't being named by parties involved.
An auction could proceed at noon Oct. 2 if no agreement is reached before then, said Sanford Murata, a local real estate consultant appointed by a Circuit Court judge to handle the foreclosure sale.
Developer KC Rainbow II LLC earlier this year had a tentative agreement to sell the stalled project to an affiliate of San Diego-based development firm OliverMcMillan, but the deal unraveled and the roughly 40 percent complete tower makai of McKinley High School was scheduled for auction.
General contractor Hawaiian Dredging Construction Co. initiated the foreclosure in April after it hadn't been paid for $29.5 million of work on the Moana Vista project, which was halted in November. Other subcontractors are owed substantially less money.
Hawaiian Dredging estimates it will take close to $100 million plus the $29.5 million it is owed to complete the 46-story tower with 492 units, including 124 units reserved for residents earning no more than 140 percent of Honolulu's median income.
KC Rainbow, led by high-tech entrepreneur and University of Hawai'i graduate Fred Chan, who successfully developed the nearby twin-tower condo Moana Pacific, ran into trouble after sales reservations fell below a level required to draw on a $100 million construction loan late last year amid a global financial industry meltdown.
Chan's firm had invested most of the roughly $65 million that had financed development of Moana Vista up until November.
About 175 remaining reservations were canceled and deposits are being fully refunded.

]]>newsFri, 25 Sep 2009 00:00:00 PDT<![CDATA[Moana Vista Gets New Developer: $300 Million Project Set to Resume]]>http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=6http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=6
Honolulu, Hawaii- September 28, 2009—Work is expected to resume on a major Honolulu condominium project that went into foreclosure earlier this year when construction was halted by the world financial crisis late last year.
OliverMcMillan (OM), headquartered in San Diego, CA, has closed on the purchase of the $29.5 million lien with general contractor Hawaiian Dredging Construction Co. who initiated a foreclosure action in April. This was the first step in completing the transaction to purchase the Moana Vista stalled condominium project in Kaka’ako.
OliverMcMillan has also executed a final contract with KC Rainbow II (KCR) the original developer of the project whereby OliverMcMillan will acquire all of the KCR interest in the property, which gives OliverMcMillan control of the ownership and the lien.
With these two major agreements in place, the court will close the postponed October 2nd, 2009 auction of the property.
OliverMcMillan is currently reviewing all aspects of the project design and intends to greatly improve and rename the project. OliverMcMillan is confident that construction will restart in 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.
“We believe in Hawaii, and see this project as a great opportunity, which is why we are investing substantial capital in the state,” said Morgan Dene Oliver, OliverMcMillan CEO.
OliverMcMillan brings strong banking and capital relationships to Hawaii along with an experienced team that has over 30 years of expertise in Real Estate, Investment, Development, Management, Leasing, Law, Architecture, Acquisition, Disposition and Construction. OM develops unique, high quality mixed-use retail, entertainment and residential projects, both privately and through public-private partnerships. While demonstrating sensitivity to the community’s unique needs, OM brings creative solutions to the complexities of developing urban and suburban places and destinations.]]>newsMon, 28 Sep 2009 00:00:00 PDT<![CDATA[Moana Vista Deal Averts Foreclosure Sale]]>http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=16http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=16
A San Diego-based developer has salvaged a deal to buy the partially built Moana Vista condominium tower in Kaka'ako, and expects to resume construction early next year.
The firm, OliverMcMillan, has signed a contract to buy the property from original developer KC Rainbow II LLC after paying off a $29.5 million lien filed against the property by general contractor Hawaiian Dredging Construction Co.
The deal calls off a foreclosure sale that had been initiated by Hawaiian Dredging and postponed until Friday.
OliverMcMillan said it expects to receive title to the property at 1009 Kapi'olani Blvd., makai of McKinley High School, by Nov. 2, and resume marketing and sales after making some changes to the 46-story tower designed for 492 units.
"We believe in Hawai'i, and see this project as a great opportunity, which is why we are investing substantial capital in the state," company CEO Morgan Dene Oliver said in a statement.
OliverMcMillan is a 30-year-old private 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 pipeline, 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.
The firm didn't disclose the total acquisition price for Moana Vista, which it values at $300 million.
If completed as expected, the acquisition would result in a relatively quick revival of a project that had a strong start three years ago but was derailed by unexpected downturns in the global financial market and the local housing market.
Moana Vista was begun by high-tech entrepreneur and University of Hawai'i graduate Fred Chan, who led KC Rainbow and successfully developed the nearby twin-tower condo Moana Pacific.
In May 2006, 466 people entered a lottery to buy 192 Moana Vista units reserved for owner-occupants. Investors reserved nearly all remaining units available for purchase, and construction funded by Chan began several months later.
But after the local real estate market and economy deteriorated sharply last fall, close to two-thirds of buyers canceled their nonbinding reservations. That prevented KC Rainbow from drawing on a $100 million construction loan late last year after roughly $65 million had been invested in the project, mostly by Chan.
Hawaiian Dredging halted work in November, and filed a foreclosure lawsuit in April after applying a $29.5 million lien to the property.
OliverMcMillan in July had a tentative deal to buy the project, but a sale fell through and a foreclosure auction was scheduled for Sept. 25. More negotiations between OliverMcMillan and KC Rainbow led to the auction being rescheduled for Oct. 2.
OliverMcMillan said it plans to rename the project and make some upgrades where it can. The tower is about 40 percent complete, with the structure rising up to the 26th floor.
KC Rainbow canceled about 175 remaining reservations and refunded deposits. OliverMcMillan plans to resume sales and marketing in early November, and will be contacting people who previously reserved units in the building.
As part of an affordable housing agreement with the state, 124 units are reserved for residents earning no more than 140 percent of Honolulu's median income.
]]>newsWed, 30 Sep 2009 00:00:00 PDT<![CDATA[Stalled Honolulu High-Rise Gets New Owner]]>http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=14http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=14
A San Diego-based developer has reached a deal to take over a stalled Honolulu high-rise condominium project that went into foreclosure late last year.
OliverMcMillan has closed on the purchase of the $29.5 million lien filed by Hawaiian Dredging Construction Co., which filed for foreclosure and plans to resume work on the half-finished Moana Vista condo project early next year, the California company said in a news release.
OliverMcMillan said it also has reached a deal with the project’s original developer, KC Rainbow II, to acquire its interest in the property.
A foreclosure auction, which had been postponed from Sept. 25 to Friday, will be put off for another two weeks.
“However, the chances of having an auction, I believe, are slim,” said foreclosure commissioner Sanford Murata.
OliverMcMillan is reviewing the design and plans to make improvements and rename the project, which is located on Kapiolani Boulevard between Ward Avenue and Kamakee Street.
“We believe in Hawaii, and see this project as a great opportunity, which is why we are investing substantial capital in the state,” OliverMcMillan CEO Morgan Dene Oliver said in a statement.
Hawaiian Dredging and Construction Co. stopped construction Dec. 19, 2008, at the 27th floor of the building, which was designed with 46 floors and 492 two-bedroom units. That was barely three months after the world financial crisis erupted and ground financing to a halt.
Hawaiian Dredging sued KC Rainbow II in December in a mechanic’s lien and then in April for foreclosure.
The foreclosure was granted on Aug. 12, and Murata was named commissioner. KC Rainbow II canceled approximately 175 sales contracts and returned deposits.
KC Rainbow II owner Fred Chan, who lost $65 million of his own money on the $140 million Kapiolani Boulevard project, also was the developer for the Moana Pacific condominium a few blocks down Kapiolani Boulevard.
Hawaiian Dredging’s claim was not the only one against KC Rainbow II, but it was the largest.
Subcontractors have claimed in other mechanic’s liens that they are owed almost $800,000.
]]>newsWed, 30 Sep 2009 00:00:00 PDT<![CDATA[Moana Vista Condominium Project: Recharged, Restarted and Renamed]]>http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=5http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=5
Honolulu, Hawaii - October 21, 2009 – The court has dismissed the Moana Vista foreclosure action (the auction date which had been extended to October 16, 2009) based on the purchase agreement between KC Rainbow II and OliverMcMillan. OliverMcMillan is announcing the closing of the acquisition from KCR as of October 21, 2009 and that it will be renaming the project “Pacifica”. 
The tower project formerly known as Moana Vista is planned as a 492 unit residential condominium with ground floor commercial on Kapiolani Blvd between Ala Moana Center and downtown Honolulu. According to Dan Nishikawa, Development Director for OliverMcMillan, new exterior elevations, upgraded interior design and resort-level amenities for Pacifica are underway, and will be released in the near future. Pacifica will be well positioned in the market as a tower with tremendous “value” and at a price point that will cater to local buyers.
“OliverMcMillan intends to improve the common area amenities and some upper-unit floor plans. When completed, Pacifica is going to be a special place, a high-quality home, and will enhance the surrounding communities," said Dan Nishikawa.
With plans to restart the project in early 2010, OliverMcMillan will notify the previous buyers of their priority for purchase of a unit in Pacifica, as the initial phase of its new marketing and sales program.
OliverMcMillan develops unique, high quality mixed-use retail, entertainment, office, residential, and hotel projects. OliverMcMillan brings strong banking and capital relationships to each project, along with an experienced team with over 30 years of expertise in real estate, investment, development, management, leasing, law, architecture, marketing, acquisition, disposition and construction. While demonstrating sensitivity to the unique needs of the community, OliverMcMillan brings creative solutions to the complexities of developing urban and suburban places and destinations.
For additional information about OliverMcMillan and the Pacifica project, please visit www.olivermcmillan.com/hawaii.

]]>newsWed, 21 Oct 2009 00:00:00 PDT<![CDATA[San Diego Group Buys Moana Vista]]>http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=13http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=13
A San Diego-based developer has closed on a deal to take over the stalled Moana Vista high-rise condominium project and plans to resume work early next year.
The project will be renamed Pacifica, developer OliverMcMillan said in a news release.
OliverMcMillan purchased a $29.5 million lien filed by Hawaiian Dredging Construction Co. and acquired the interest owned by the project’s original developer, KC Rainbow II of Honolulu.
The developer plans to give the half-completed 492-unit residential tower on Kapiolani Boulevard new exterior elevations, upgraded interior design and resort-level amenities, development director Dan Nishikawa said Wednesday in a news release.
“OliverMcMillan intends to improve the common area amenities and some upper-unit floor plans,” Nishikawa said. “When completed, Pacifica is going to be a special place, a high-quality home, and will enhance the surrounding communities.”
The developer plans to begin a new sales and marketing program for the building, and will notify the previous buyers of their priority to purchase in Pacifica.
Work on the building stopped last Dec. 19 at the 27th floor of the 46-story building. Hawaiian Dredging and Construction Co. sued KC Rainbow II in December 2008 with a mechanic’s lien and then in April for foreclosure.
The foreclosure was granted on Aug. 12, and Sanford Murata was named commissioner. KC Rainbow II canceled some 175 sales contracts and returned deposits. A public auction was averted by the OliverMcMillan deal.
KC Rainbow II owner Fred Chan, who lost $65 million of his own money on the $140 million Kapiolani Boulevard project, was also the developer for the Moana Pacific condominium a few blocks down Kapiolani Boulevard.
]]>newsWed, 21 Oct 2009 00:00:00 PDT<![CDATA[Company Closes Moana Vista Buy]]>http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=12http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=12
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.

]]>newsThu, 22 Oct 2009 00:00:00 PDT<![CDATA[Kaka'ako Condominium Tower Sold: New Owner Plans to Resume Building Early Next Year]]>http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=11http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=11
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.
]]>newsThu, 22 Oct 2009 00:00:00 PDT<![CDATA[Condo Tower Gets New Name, New Money]]>http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=10http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=10
The San Diego development company that bought the unfinished Moana Vista condominium tower plans to spend $110 million to restart and upgrade the project, now known as Pacifica.
Pacifica will create work for dozens of local companies and generate 400 construction jobs over the next two years, its new owner says.
OliverMcMillan is redesigning the 46-story building’s exterior, unit mix, layout and ground-floor retail space to give it a higher-end feel, and adding 4,000 square feet of amenities on a fifth-floor recreation deck.
The firm is working on obtaining approvals for the changes from the Hawaii Community Development Authority and expects to restart work on the project in March.
The project represents a foothold in Hawaii for OliverMcMillan, a 31-year-old development firm that specializes in urban mixed-use communities.
The firm, which has formed a Hawaii-based subsidiary, OliverMcMillan Pacific, has already been talking to large local landowners Kamehameha Schools and Queen Emma Land Co. about mixed-use projects in Kakaako and Waikiki.
“We’ve been looking for a project for quite some time to enter the market,” said CEO and founder Morgan Dene Oliver, who plans to purchase a unit at Pacifica for his own use. “Until this project, we had not found the right opportunity.”
OliverMcMillan picked up the half-finished Moana Vista project earlier this year after buying a $29.5 million lien that had been filed by Hawaiian Dredging Construction Co. OliverMcMillan acquired the interest owned by the project’s original developer, KC Rainbow II.
The firm has so far spent $40 million in cash of a total $150 million estimated cost, Oliver said. First Hawaiian Bank is financing a $50 million construction loan; the balance of the money will be funded in cash by OliverMcMillan and the firm’s equity partners in Boston.
KC Rainbow II owner Fred Chan reportedly lost about $65 million of his own money on the building before selling his interest to the San Diego developers, which means OliverMcMillan acquired the project at a hefty discount.
The developer plans to pass along some of that savings to buyers, starting with the 175 original buyers who had their purchase contracts canceled by KC Rainbow II in September.
The buyers, mostly local people who had put down 10 percent on units ranging in price from $350,000 to $600,000, will start hearing from OliverMcMillan this month and will be given the first shot at purchasing a unit at a discounted price before sales open to the public in late January, Oliver said.
“Our feeling is they hung in there,” Oliver said. “They will have the opportunity to buy the units below what the other units are trading at.”
Prices for the units, which are being reconfigured from 492 two-bedroom apartments to 489 one-, two- and three-bedroom units, have not yet been set. One change is that 124 units that were previously set aside for reserved affordable rentals will now be for-sale units for owner-occupants.
Heyer and Associates will handle sales and marketing for the project, and First Hawaiian Bank will offer financing for buyers.
The public will “also get a chance to buy at what we believe is a bargain price,” Oliver said.
“It’s a competitive construction market,” he noted. “We will finish this building at a better cost.”
Work stopped nearly a year ago after Hawaiian Dredging and Construction Co. filed a mechanic’s lien against KC Rainbow II for the unpaid bills. The contractor filed for foreclosure in April, and the project was set to go to public auction in September, before OliverMcMillan struck a deal to pay off the lien.
Any subcontractors owed money were paid by Hawaiian Dredging, Oliver said. He said other local firms that were owed back fees, including Architects Hawaii, Ltd., Baldridge and Associates Structural Engineering and Lincolne Scott, were paid in full by OliverMcMillan.
Hawaiian Dredging is no longer associated with the project; OliverMcMillan is bringing Ledcor Construction on as general contractor. The construction company, which signed with the Hawaii Carpenters Union about four months ago, will operate a union job site that’s expected to generate about 400 jobs.
Architects Hawaii, which designed the original building, will continue to work on the project, along with Baldridge and Associates and Lincolne Scott.
OliverMcMillan also brought on New York-based architecture firm Gensler to redesign the public and common element spaces and exterior of the building.
The redesign includes a large motor court entry and a wood and glass lobby space for residents facing the Waimanu Street side of the building.
The 15,000 square feet of retail space facing Kapiolani Boulevard has been redesigned with large glass windows. The exterior of the concrete building, which was originally designed to be painted white, will be painted shades of metallic blue and silver instead, Oliver said.
The recreation deck, which had been designed with only a swimming pool, will also have green space, a large gym, barbecue areas, two small movie theaters, and a party room — a total of 4,000 square feet of extra floor space the developer purchased from the HCDA.
The finishes inside the units will also be upgraded; the firm plans to donate bathroom tile and fixtures and other materials that were already purchased to local charities.
OliverMcMillan is spending about $5 million for the additional amenities, and $1 million on the lobby but Oliver said the firm feels the additional design elements are worth the added expense.
The firm has also hired local interior design firm Philpotts & Associates, which will work with San Diego-based Jules Wilson ID on the interior spaces.
Oliver noted that the market was probably at its worst when the firm started looking at what he called a “broken real estate project” about nine months ago.
“We were able to see there was a viable business opportunity,” he said. “We saw an opportunity to come in with some aloha spirit and solve some problems.”
The company, which has promoted its development Managing Director Dan Nishikawa to run the Hawaii office, sees a future with urban mixed-use projects in Honolulu.
It has already had discussions with the Queen Emma Land Co., which is choosing a master developer for its International Marketplace redevelopment in Waikiki, and also with Kamehameha Schools, which plans to redevelop its Kakaako mauka land into an urban village.
]]>newsFri, 11 Dec 2009 00:00:00 PST<![CDATA[Oliver McMillan: Establishes Roots in Hawaii, Stimulates Economy and Creates Home Ownership Opportunity with revitalized Pacifica Project]]>http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=4http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=4
Honolulu, Hawaii - December 16, 2009- OliverMcMillan is pleased to announce that Dan Nishikawa, an OliverMcMillan partner, has been named as Group President of OliverMcMillan Pacific Rim.
Dan Nishikawa has been actively working in Hawaii for the past 9 years and will lead the efforts of the firm throughout Hawaii and the Pacific Rim.
With the acquisition and start up of Pacifica, OliverMcMillan (OM) has the opportunity to pursue additional development projects in Hawaii.  The purchase of the lien on Moana Vista at 1009 Kapi`olani Blvd. provides the opportunity to not only enter the Hawaii real estate market but help resolve liens on the property and proceed with the completion of the condominium project.
OM will now design, upgrade and complete the 46-story condominium project, now called “Pacifica” and located in the heart of Kakaako, that has been stalled for well over a year. Construction is scheduled to resume in March 2010 and be completed in Summer 2011. This will be the largest new commercial construction project on Oahu.
OM will invest approximately $150M to finish the project. The project will create over 400 construction jobs and many direct and indirect jobs. OM will work in partnership with the construction labor union, Ledcor Construction, many local subcontractors and First Hawaiian Bank for construction financing and the buyers' home mortgages. OM has already invested over $36M to purchase the property, resolved the construction lien and paid Hawaiian Dredging in full so they could pay the unpaid subcontractors.
OM will give the previous buyers an exclusive priority opportunity to purchase a home at Pacifica as they have patiently awaited a new home in Kakaako. The temporary sales center is slated to open in January 15, 2010 and will be located on the ground floor of the Honolulu Design Center at 1250 Kapi`olani Blvd. 
“OliverMcMillan will deliver a substantially upgraded and superior project with Pacifica. 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,” said Dan Nishikawa, the newly appointed Group President, OliverMcMillan Pacific Rim.
OliverMcMillan develops unique, high quality mixed-use retail, entertainment, office residential and hotel projects. OM brings strong banking and capital relationship to each project, along with an experienced team with over 30 years of expertise in real estate, investment, development, management, leasing, law, architecture, marketing, acquisition, disposition and construction. While demonstrating sensitivity to unique needs of the community, OM brings creative solutions to the complexities of developing urban and suburban places and destinations.
For additional information about the Pacifica project and OliverMcMillan, please visit www.pacificahonolulu.com or www.olivermcmillan.com/hawaii.

]]>newsWed, 16 Dec 2009 00:00:00 PST<![CDATA[Pacifica, Formerly Moana Vista, Set to Restart Sales]]>http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=9http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=9
Sales for a Kakaako condominium project that stalled last year are set to resume next month as the new
owner gets ready to restart construction.
The sales office for Pacifica, formerly known as Moana Vista, will open Jan. 15 in the ground floor of the
Honolulu Design Center, a few blocks up from the project on Kapiolani Boulevard.
San Diego-based developer OliverMcMillan plans to give the first opportunity to buy to the 175 original
buyers who had their purchase contracts canceled by the project’s original developer, KC Rainbow II, in September.
OliverMcMillan picked up the half-finished project earlier this year after buying a $29.5 million lien that had been filed by Hawaiian Dredging Construction Co., and acquired the interest owned by KC Rainbow II.
The developer plans to spend a total of $150 million to finish the 46-story building and redesign its exterior, unit mix, layout and ground-floor retail space to give it a higher-end feel. There will also be an additional 4,000 square feet of amenities on a fifth-floor recreation deck.
The company has formed a unit called OliverMcMillan Pacific Rim to focus on future development projects in Hawaii, and has named Dan Nishikawa group president of the new entity.
]]>newsTue, 22 Dec 2009 00:00:00 PST<![CDATA[Upgrade Coming at Stalled Condo]]>http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=8http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=8
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 ircumstances of our acquisition of the property as well as the competitive construction environment."
]]>newsWed, 23 Dec 2009 00:00:00 PST<![CDATA[OliverMcMillan Announces Sales Will Begin for Pacifica Honolulu Saturday, February 6, at 10 a.m.]]>http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=3http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=3
The general public opening for sales of Pacifica Honolulu will commence this Saturday, February 6, 2010 at INspiration in the Honolulu Design Center, located at 1250 Kapi’olani Boulevard.
Pacifica Honolulu, an OliverMcMillan residential and retail development, just might be Hawai`i’s most exciting urban condominium real estate opportunity for 2010. The 2.3-acre site with a 48-story residential tower along the Kapi’olani corridor represents prime urban living that is located near every place residents want to be, with convenient access to everything they love to do.
The proximity to everything in town plus all the upgraded features and amenities of Pacifica Honolulu -- and its exceptional price makes this an excellent opportunity for buyers at just the right time. “The goal of Pacifica is to be able to offer a sophisticated urban lifestyle to a broad spectrum of buyers in today’s market place,” said OliverMcMillan CEO, Morgan Dene Oliver.
In October 2009, OliverMcMillan acquired the property, formerly known as Moana Vista and informed the buyers cancelled by the previous developer that they would be given priority to purchase in the redesigned project. Beginning Saturday, January 30, one hundred and forty-three previously cancelled Moana Vista buyers were provided an opportunity at early selection of unrestricted market residences. One hundred residences have been put into contract since that day. Oliver commented, “We are grateful for the patience and continued support of those buyers and believe that this is an indication of the strength of this project in the Honolulu market.”
The opening of sales for the general public on Saturday will allow interested buyers to purchase an unrestricted market residential condominium in Pacifica Honolulu. The project features new substantially upgraded interior finishes and outstanding amenities coupled with extraordinary panoramic ocean, mountain, Diamond Head and city views. Pacifica is Honolulu’s ultimate urban neighborhood that was envisioned with one intention in mind: to create an architecturally innovative and beautifully designed home that is intimate, private and perfect for family and friends.
Prices at Pacifica Honolulu will begin at $385,000 for one bedroom/1 bath with den, $430,000 for two bedrooms/two baths, and $665,000 for three-bedrooms/three baths with den, fee-simple. There are 489 residential condominiums and ground floor commercial space that makes up an interior area of 430,200 square feet.   
Pacifica Honolulu is the peak living experience that illuminates quality, amenities, design, opportunity and location for the ultimate urban living in Honolulu. It is a place where comfort and style aren’t mutually exclusive. The development includes a tailored, sophisticated lobby/library, café-style mail lounge, pool and Jacuzzi, cabanas, urban park with party pavilion, fire pit and 6 barbecue hale, two state-of-the art theaters, fitness center, locker rooms and sauna, 24-hour security, private access entry, and electronic security in parking garage.
For more information contact Heyer & Associates LLC at (808) 596-8686, on the web at www.pacificahonolulu.com or visit the sales Center open daily from 10:00 a.m. to 5:30 p.m. at INspirations in the Honolulu Design, located at 1250 Kapi’olani Boulevard. Validated parking is available across the street at 1221 Kapiolani Boulevard.
OliverMcMillan develops unique, high quality mixed-use retail, entertainment, office, residential and hotel projects. OliverMcMillan brings strong banking and capital relationships to each project, along with an experienced team with over 30 years of expertise in real estate, investment, development, management, leasing, law, architecture, marketing, acquisition, disposition and construction. While demonstrating sensitivity to the unique needs of the community, OliverMcMillan brings creative solutions to the complexities of developing urban and suburban places and destinations. For additional information about OliverMcMillan and the Pacifica Honolulu project, please visit www.olivermcmillan.com/hawaii.

]]>newsFri, 05 Feb 2010 00:00:00 PST<![CDATA[Pacifica Condo Line Forming]]>http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=7http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=7At about 5 a.m. on Thursday, a few people began lining up in the parking garage of the Honolulu Design Center furniture gallery. But it wasn’t a furniture sale that attracted the group, which by yesterday afternoon had grown to almost 50 people.
The campers in the garage came to buy units in Pacifica, a recently restarted residential high-rise project nearby at 1009 Kapi’olani Blvd.
Sales for most units in the 489-unit tower are slated to begin today at 10 a.m. in an area set up inside the sprawling furniture gallery.
People spending a day or two on lawn chairs and mats on a concrete floor is another sign that more life is returning to the local residential real estate market that sputtered over the past couple of years.
Since the latter part of last year, the number of sales of previously owned homes on O’ahu has been on the rise, and prices appear to be slowly firming up.
To be sure, the camp-out for Pacifica wasn’t close to the turnout that some projects experienced several years ago, when hundreds of prospective buyers outnumbered available units at various condo tower projects around Honolulu. Still, the gathering was a pleasant sight for the local real estate industry.
ÒPeople are still looking to buy,Ó said Kiki King, an agent with Coldwell Banker Pacific Properties who snagged a place in line Thursday evening for three clients.
ÒThey’re not making any new buildings,Ó added Dean Hanzawa, who was holding a spot for his nephew, a Honolulu Police Departmentcrime lab employee who hopes to become a first-time homeowner.Dan Nishikawa, director of development for Pacifica developer OliverMcMillan, said he was pleased by the turnout.OliverMcMillan, a San Diego-based firm, acquired the stalled project makai of McKinley High School from original developer KC Rainbow II LLC in October by paying off a $29.5 million lien filed against the property by general contractor Hawaiian Dredging Construction Co.
KC Rainbow had invested about $65 million in the project previously known as Moana Vista, but ran into trouble in late 2008 after a roughly $100 million construction loan needed to finish the 46- story tower was withheld because too many buyers canceled nonbinding reservations for units.
The derailing of Moana Vista was dramatic considering that 466 people had competed to buy 192 units reserved for owner-occupants at a lottery in May 2006 near the height of the recent real estate boom. Investor demand was also strong for remaining units, but later withered.
OliverMcMillan got favorable deals in acquiring the project and negotiating a new construction contract, which the firm said has allowed it to create better value for buyers.
The company added new amenities, including fitness and party pavilions, two theaters and upgraded interior finishes to the project. It also redrew floor plans to add one- and three-bedroom units to the building previously designed with only two-bedroom units.
OliverMcMillan made some units bigger and some smaller, in the range of 661 to 1,811 square feet, compared with 728 to 1,268 square feet as Moana Vista.
Prices also were broadened, and now range from $385,000 to $1.2 million, compared with about $425,000 to $850,000 previously.
Today, about 265 units go on sale through brokerage firm Heyer & Associates LLC. Buyers are required to make a 5 percent deposit and sign a purchase contract.
Last month, OliverMcMillan gave first priority for buying Pacifica units to 143 people who were committed to purchasing a unit before Moana Vista was canceled.
Of the 143, OliverMcMillan said, it retained about 100 buyers.
ÒWe are grateful for the patience and continued support of those buyers and believe that this is an indication of the strength of this project in the Honolulu market,Ó said Morgan Dene Oliver, OliverMcMillan’s CEO.
Another 124 units will be offered for sale at a later date under a state affordable housing program that places restrictions on buyer incomes, unit resale terms and prices.
OliverMcMillan expects to resume major construction on the tower in April.

]]>newsSat, 06 Feb 2010 00:00:00 PST<![CDATA[Pacifica condo developer reports selling 138 units over the weekend]]>http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=15http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=15
OliverMcMillan, the new developer of the partially built Pacifica condominium tower in Kaka'ako, reported selling 138 units over the weekend.
The results, when added to 108 sales made earlier to people who had reservations canceled by the tower's previous developer, bring 67 percent of market units under contract.
The tower previously known as Moana Vista has a total of 489 units, but 124 will be offered for sale at a later date under a state affordable-housing program that places restrictions on buyer incomes, unit resale terms and prices.
]]>newsMon, 08 Feb 2010 00:00:00 PST<![CDATA[Blessing Ceremony for Pacifica Honolulu]]>http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=19http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=19
Pacifica Honolulu, an OliverMcMillan (OM) residential and commercial development, celebrated the blessing ceremony today, Thursday, March 25th to a delighted crowd of buyers, consultants and others associated with the 46-story tower. Pacifica Honolulu is Hawai`i’s most exciting new urban condominium project for 2010. “This is the moment we have been waiting for…the Blessing Ceremony and resumption of one of the largest new commercial construction projects in the state,” said Dan Nishikawa Group President of OliverMcMillan Pacific Rim.
Mayor Mufi Hannemann joined the traditional Hawaiian blessing ceremony today and commented, OM, who acquired the property in late 2009, has spent the past several months designing and upgrading the stalled condominium project, which is planned to resume construction early next month. “We have all worked hard toward this goal and are grateful for the tremendous support that the local community has provided to re-start this project. The creation of 489 new homes, over 400 construction and other related jobs and the opportunity to craft an extraordinary project out of this building spotlights the abilities of a very focused and talented team,” said OliverMcMillan CEO, Morgan Dene Oliver.
OliverMcMillan and its partners are making a significant investment in Hawaii in order to finish the project that is scheduled to be complete in the summer of 2011.  Pacifica Honolulu is the collaboration of several outstanding design firms.
Architects: Architects Hawaii and Gensler Architects (Los Angeles, CA);
Interior Designer: Philpotts & Associates (Honolulu, HI) and Jules Wilson I.D. (San Diego).
Landscape Architect: Ben Lee, Brownlie and Lee (Honolulu, HI).
General Contractor: Ledcor Construction Hawaii
“With over 60% of the units currently available now under contract, we believe that OliverMcMillan’s reputation and attention to detail has sparked the seed of trust and created a foundation for one of the most successful new condo developments in Honolulu. OliverMcMillan’s vision for Pacifica is in sync with buyer’s desires in the local market and we believe that shared vision led buyers to show up early, line up and purchase living spaces that include not only fine finishes and amenities, but also an ideal urban location. The strong interest in this project spotlights what we hope to be a bright future for Hawaii’s real estate market,” said Nishikawa.
The 46-story high rise is on 2.3 acres and has a total of 489 residential condominiums. There are 365 market residences which are currently being sold and 124 reserve homes, that will be offered for sale at a later date under a state (HCDA) housing program that place restrictions on buyer incomes, unit resale terms and prices.
The market condominiums feature new upgraded interior finishes package and outstanding amenities coupled with extraordinary panoramic ocean, mountain, city and Diamond Head views. Pacifica is Honolulu’s ultimate urban neighborhood that was envisioned with one intention in mind: to create an architecturally innovative and beautifully designed home that is intimate, private and perfect for family and friends. 
Amenities include a tailored, sophisticated lobby/library, café-style mail lounge, pool and Jacuzzi, cabanas, urban park with party pavilion, fire pit and 6 barbecue hale, two state-of-the art theaters, fitness center, locker rooms and sauna, 24-hour security, private access entry and electronic security in parking garage.
Fee-simple prices at Pacifica Honolulu begin at $440,000 for an ocean view one-bedroom/one bath with den, and $437,300 for a mountain view two-bedroom/two bath residence.
For more information contact Heyer & Associates LLC, exclusive project broker, at (808) 596-8686, on the web at www.pacificahonolulu.com or visit the sales Center open daily from 10:00 a.m. to 5:30 p.m. at INspiration in the Honolulu Design, located at 1250 Kapi’olani Boulevard. 
OliverMcMillan develops unique, high quality mixed-use retail, entertainment, office residential and hotel projects. OM brings strong banking and capital relationship to each project, along with an experienced team with over 30 years of expertise in real estate, investment, development, management, leasing, law architecture, marketing, acquisition, disposition and construction. While demonstrating sensitivity to unique needs of the community, OM brings creative solutions to the complexities of developing urban and sub urban places and destinations.
 

]]>newsThu, 25 Mar 2010 00:00:00 PDT<![CDATA[Pacifica Honolulu Closes Loan, Resumes Construction]]>http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=2http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=2
OliverMcMillan (OM) and First Hawaiian Bank (FHB) have closed on the construction loan to complete construction of Pacifica Honolulu, a residential and retail development at 1250 Kapi`olani Boulevard and construction has resumed.
“OM is pleased to find a financial partner in First Hawaiian Bank,” commented Dan Nishikawa, Group President of OliverMcMillan Pacific Rim. “FHB’s financial expertise and commitment to quality growth for our island community makes them an excellent partner,” continued Nishikawa.
“Where others saw only impossible hurdles, OliverMcMillan saw opportunities. The firm should be congratulated for transforming a half-built, stalled property into a successful and attractive housing opportunity that is affordable,” said Don Horner, Chairman and CEO of First Hawaiian Bank. 
“OM and its partners have made a significant investment to finish Pacifica Honolulu which will create over 400 direct and indirect construction jobs until the project is completed in fall of 20ll,” continued Nishikawa. The restart of construction by general contractor, Ledcor Construction Hawaii, is great news for the struggling construction industry in Hawaii, which has dropped 6 percent from March last year.
 “We are delighted to be a part of a winning team to complete this exclusive residential development for Honolulu residents. From the beginning, this project has been well received by perspective buyers and has signaled to the development industry that such projects can be supported by the marketplace,” said Jeff Thompson, VP and Branch Manager of Ledcor Construction Hawaii.
The success of the initial sale of Pacifica Honolulu was seen when prospective buyers camped out for 3 nights in order to purchase a condominium in the project. The buyers were looking for well priced, one, two and three-bedroom residences with an emphasis on views and great amenities.
For more information about Pacifica Honolulu, contact Heyer & Associates LLC, exclusive project broker, at (808) 596-8686, or view the website at www.pacificahonolulu.com. The Pacifica Honolulu Sales Center is open daily from 10:00 a.m. to 5:30 p.m. at Inspiration in the Honolulu Design Center, located at 1250 Kapi`olani Boulevard.
OliverMcMillan develops unique, high quality mixed-use retail, entertainment, office residential and hotel projects. OM brings strong banking and capital relationship to each project, along with an experienced team with over 30 years of expertise in real estate, investment, development, management, leasing, law architecture, marketing, acquisition, disposition and construction. While demonstrating sensitivity to unique needs of the community, OM brings creative solutions to the complexities of developing urban and sub urban places and destinations.
]]>newsTue, 11 May 2010 00:00:00 PDT<![CDATA[Pacifica Honolulu Offers New Floor Plans]]>http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=1http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=1
This Saturday, May 15 at 10 A.M.
Pacifica Honolulu, Hawai`i’s most exciting new urban condominium project for 2010 has created new floor plans to cater to buyer needs.  Due to the strong demand for two bedroom and two bathroom plus den with ocean views, the floor plans from the 27th floor were modified to create 54 new condominiums to accommodate the buyer’s desires. With over 230 residences under contract, this sales release represents a great second opportunity to purchase a premium unit in a great project.
“The Pacifica Honolulu project is a value play. Three key components contribute to the success of this sale: good value, a highly desirable location and the fact that this is the low point of development in the cycle,” said Ricky Cassiday, Independent Real Estate Market Analyst in Honolulu. “Pacifica Honolulu is one of the new high rises coming on the market. It provides a rare opportunity for housing that is affordable in the center of Honolulu,” continued Cassiday.
The new, fee simple, ocean view floor plans begin at $445,400 for a one-bedroom/one bath with den and $495,000 for a two-bedroom/two bath residence. These new floor plan types will go on sale on May 15 at 10:00 A.M.
“We were excited when OliverMcMillan came into the picture. They clearly wanted to create a new brand for the project and keep it consistent with their expectation of quality and creative approaches. The amount of public areas and ambiance of the residence was enhanced tremendously under their direction,” said David Miller, Chairman and Principal of Architects Hawaii.
Pacifica Honolulu also features a beautiful recreation deck with a pool, Jacuzzi and cabanas, an urban park with party pavilion, fire pit and 6 barbecue hale. Two state-of-the-art private theaters, a large fitness center with locker rooms and sauna are also located on the recreation deck. The building will provide 24-hour security, private access entry, and electronic security in parking garage. 
“I bring buyers to Pacifica Honolulu because you can’t beat the location, the amenities are what the buyers are looking for and it is an overall great value,” said Vernon Chock, Realtor and owner of Vernco Properties Inc. Chock continues to bring buyers to the project and has 7 clients who purchased in Pacifica. “I also believe in the project because of the developer, OM seems to really want to make a difference and deliver a great product to the Hawaii real estate market,” continued Chock.
For more information about Pacifica Honolulu and the new floor plans that will be available on May 15, contact Heyer & Associates LLC, exclusive project broker, at (808) 596-8686 or review the website at www.pacificahonolulu.com. The Sales Center is open daily from 10:00 a.m. to 5:30 p.m. at INspiration in the Honolulu Design, located at 1250 Kapi’olani Boulevard.
OliverMcMillan develops unique, high quality mixed-use retail, entertainment, office residential and hotel projects. OM brings strong banking and capital relationship to each project, along with an experienced team with over 30 years of expertise in real estate, investment, development, management, leasing, law architecture, marketing, acquisition, disposition and construction. While demonstrating sensitivity to unique needs of the community, OM brings creative solutions to the complexities of developing urban and sub urban places and destinations.

]]>newsThu, 13 May 2010 00:00:00 PDT<![CDATA[Pacifica Honolulu Gets Back on Track]]>http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=21http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=21
About 400 construction workers will be getting jobs as work on the partially built Pacifica Honolulu condominium tower at 1009 Kapi'olani Blvd. ramps up now that the developer has a construction loan from First Hawaiian Bank.
Developer OliverMcMillan announced the loan Tuesday, and expects to employ 400 direct and indirect construction workers until work is completed in the fall of 2011. Ledcor Construction Hawaii is the general contractor.
OliverMcMillan in March held a ceremony to mark resumption of the 46-story project with a small crew of workers.
Original developer KC Rainbow II LLC ran into trouble with the project, then known as Moana Vista, when a roughly $100 million construction loan needed to finish the 489-unit tower was withheld because too many buyers had canceled nonbinding reservations for units. Construction was halted in November 2008.
San Diego-based OliverMcMillan acquired the stalled project in October, and relaunched sales efforts in February. About 200 buyers initially made purchase commitments for units in the tower, which is makai of McKinley High School.
Units range in size from 661 to 1,811 square feet. Prices range from $385,000 to $1.2 million.
]]>newsFri, 14 May 2010 00:00:00 PDT<![CDATA[Workers in construction industry struggling to find jobs]]>http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=22http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=22It's a sight not seen too often these days - a new building under construction in Honolulu.
According to the state, construction permits and jobs continue to show year over year declines.
"There's a lot of people sitting on the bench.  Investment in real-estate development has gone down, lenders have been reluctant to lend money right now," says Dean Uchida, Building Industry Association (BIA) of Hawaii.
Projects ready to move have been stalled.  And so have hundreds of construction workers eager for a job.
"At the peak in 2008 we were at about 40,000 workers, and right now about 36,000-34,00-workers, around there," says Karen Nakamura, Building Industry Association (BIA) of Hawaii.  "That's a huge drop, yes."
Last month the Carpenter's Union revealed more than half of their 6,000 members were unemployed.
"A lot of these are your friends, your neighbors, relatives," says Uchida.
Alex Callanga was out of a job most of this year .
"8 months I was on unemployment," he says.
With a wife and three 3 children to support, working part-time jobs until he was hired to do construction on the re-named Pacifica Honolulu in Kakaako.
"We all have the same problem, some of these guys came from outer island," says Callanga.  "Maui right now, they have little bit job over there."
"We've sen a dramatic slowdown in projects on the neighbor island," says Uchida.
With construction on the Pacifica project nearing it's end, Callanga fears his future is uncertain.
"With us, if we finish this job it will be hard to get another job. Only got 10 more floors to complete and that's it."
The BIA of Hawaii says it is looking to the future.  With construction of the U.H. West Oahu campus and Honolulu's Rail Transit as projects to help the sector rebound.
]]>newsWed, 11 Aug 2010 00:00:00 PDT<![CDATA[Pacifica Honolulu Reserved Housing Units]]>http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=20http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=20
Applications available for pick-up beginning August 22 at 10:00 A.M.
 
Pacifica Honolulu, the newest residential condominium and retail development on Kapiolani Boulevard in Honolulu, announced that 124 two bedroom, two bath owner-occupant reserved housing condominium residences will be offered for sale. Applications for these reserved housing units will be available from Sunday, August 22 through September 19 at the Pacifica Honolulu Sales Center located at Inspiration in the Honolulu Design Center.
This is only the fourth time in 23 years that a Reserved Housing program has been offered in the Kaka`ako District and represents a very unique opportunity for owner-occupants that qualify. The first time the program was offered was at Royal Capitol Plaza in 1987, followed eight years later by 1133 Waimanu in 1995 as part of the 404 Piikoi Project (Nauru Tower, Hawaiki Tower and Koolani condominium complex). Alexander & Baldwin developed the third project that offered reserved housing as part of the Keola Lai condominium in 2005. 
Pacifica Honolulu’s Reserved Housing Program was established to comply with the State of Hawaii Kaka’ako Community Development District Plan’s requirement that private developers set aside not less than 20 percent of total residential units for reserved housing. The sale prices must be affordable for prospective buyers and their families earning less than 140 percent of the Honolulu area median income ($81,700 for 2010) established by the U.S. Department of Housing and Urban Development. For example, buyers must not exceed the maximum gross qualifying income of $102,125 for a single person, or $114,380 for two or more persons. Income requirement details are provided in the Reserved Housing Application packet.
The program falls under the Kaka’ako Mauka Area Rules administered by the Hawaii Community Development Authority (HCDA). The rules provide guidelines that determine potential buyer eligibility and the documents buyers must complete to secure a place in line to purchase a reserved housing residential unit. Pacifica Honolulu has established the following schedule to assist these buyers:
Sunday, August 22 – 10 a.m. through Sunday, September 19, 2010 – 5:00 p.m.
Reserved Housing Application package available for pick up at:
            Pacifica Honolulu Sales Center
            Honolulu Design Center
            1250 Kapiolani Boulevard, Honolulu, Hawaii
Saturday, September 11–10:00 A.M. through Sunday, September 19, 2010–5:00 P.M.
 Completed Reserved Housing Application package may be returned to the Pacifica Honolulu Sales Center. Prospective buyers with complete applications will receive a number to hold their chronological place for unit selection.
Sunday, September 19, 2010 – 5:00 p.m.
This is the last date to turn in a completed application package in order to be included in unit selection.
Saturday, September 25, 2010 – 10:00 a.m.
Unit Selection Event will take place at the Pacifica Honolulu Sales Office as follows for prospective buyers with the following numbers:
10:00 a.m. – Numbers 1 though 50
1:30 p.m. – Numbers 51 through 125
Sunday, September 26, 2010 – 10:00 a.m.
Unit Selection Event will take place at the Pacifica Honolulu Sales Office as follows for prospective buyers with the following numbers:
10:00 a.m. – Numbers 126 through 175
1:30 p.m. – Numbers 176 through 225
Pacifica Honolulu is a 46-story high rise on 2.3 acres and has a total of 489 residential condominiums, including 365 market residences and 124 reserved housing units. It also has 11,464 square feet of ground floor commercial/industrial space. Amenities include a tailored, sophisticated lobby/library, café-style mail lounge, pool and Jacuzzi, cabanas, urban park with party pavilion, fire pit and six barbecue hale, two state-of-the-art theaters, fitness center, locker rooms and sauna, 24-hour security, private access entry and electronic security in parking garage.
For more information about Pacifica Honolulu, contact Heyer & Associates LLC, exclusive project broker, at (808) 596-8686 or review the website at www.pacificahonolulu.com. The Sales Center is open daily from 10:00 a.m. to 5:30 p.m. at INspiration in the Honolulu Design Center, located at 1250 Kapi’olani Boulevard.

]]>newsSat, 21 Aug 2010 00:00:00 PDT<![CDATA[Condos priced for 'Gap Group']]>http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=23http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=23

Lower-level units at a new Kakaako tower are being offered at below-market prices

It's not affordable housing by typical standards, but 124 units in a 489-unit condominium tower under construction in Kakaako are being offered at below-market prices to buyers with moderate incomes.
The developer of Pacifica Honolulu rising at 1009 Kapiolani Blvd. near McKinley High School recently began accepting applications for the restricted units. 
Prices range from $350,000 to $466,050 for units with living spaces ranging from 728 to 1,033 square feet mostly along the bottom seven floors of the 46-story tower.
Under state rules, buyers must be Hawaii residents, intend to live in the units and earn no more than 140 percent of the median annual income for Honolulu, which translates to $102,125 for a single person or $114,380 for a family of two or more.
Other restrictions also apply, including one requiring that buyers share a certain amount of equity with the state if the unit is resold. The shared amount ranges from zero to $35,000 depending on the unit.
The offering is part of Hawaii Community Development Authority rules that require high-rise condo developers in Kakaako provide at least 20 percent of units at prices affordable to "gap group" residents who earn too much to qualify for most affordable housing but not enough to afford market-priced units in the area.
Market-priced units at Pacifica initially ranged from $385,000 to $1.2 million for units with 661 to 1,811 square feet of living space.
About 90 of those units are still available at prices from $440,000 to $722,460
The developer recently began accepting reservations for the restricted units, and as of last week had given out about 300.
Qualified buyers will be allowed to choose units in the order they turn in completed applications. Applications will be accepted starting Sept. 11 at 10 a.m. at the sales office inside Honolulu Design Center at 1250 Kapiolani Blvd.
The unit selection process will begin Sept. 25.
The tower, being developed by San Diego-based OliverMcMillan, is expected to be completed in the fall of 2011.
OliverMcMillan took over the project formerly known as Moana Vista last year after original developer KC Rainbow II LLC encountered financing trouble that led to construction stalling in November 2008.
 
]]>newsTue, 31 Aug 2010 00:00:00 PDT<![CDATA[Buyers camp out for condos]]>http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=26http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=26A line began forming Sunday for the chance to reserve a unit today in a Kakaako project
At least 75 people have bettered their chances to buy one of 124 units reserved for moderate-income residents in the Pacifica Honolulu condominium in Kakaako by camping out for days in the garage of the project's sales office.
The first hopeful buyer arrived Sunday morning, and the line as of yesterday afternoon had grown to about 75 people.
The sales office begins accepting applications today at 10 a.m., and qualified applicants will get to later select a unit to buy in the order applications are received. The unit selection process will begin Sept. 25.
Project developer OliverMcMillan said state rules requiring the offering of units in the 489-unit tower to moderate-income residents at somewhat below-market prices allowed a lottery, but the developer elected to take buyers on a first-come, first-served basis. So some eager prospective buyers set up camp in the parking garage of Honolulu Design Center, which hosts the project sales office.
"The developer is working hard to take care of the 'campers' with food and drinks, television for DVDs, restrooms, etc.," said Joyce Timpson, a spokeswoman for the project.
Prices range from $350,000 to $466,050 for two-bedroom, two-bathroom units with living spaces ranging from 728 to 1,033 square feet mostly along the bottom seven floors of the 46-story tower under construction at 1009 Kapiolani Blvd. near McKinley High School.
Under state rules, buyers must be Hawaii residents, intend to live in the units and earn no more than 140 percent of the median annual income for Honolulu, which translates to $102,125 for a single person or $114,380 for a family of two or more under state rules.
The tower is expected to be completed in the fall of 2011
]]>newsSat, 11 Sep 2010 00:00:00 PDT<![CDATA[Pacifica Honolulu Gap Group Housing from $350,000]]>http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=27http://www.pacificahonolulu.com/news/newsandarticles_article.php?DID=27 
Applications are continuing to be accepted in order to allow more potential purchasers the opportunity to participate in this special gap group Reserved Housing opportunity. 
Pacifica Honolulu two bedroom, two bath owner-occupant reserved housing condominium residence prices start at $350,000, feature beautiful ocean or mountain views and will enjoy all the amenities that the project has to offer.   
The sale of the Pacifica Honolulu reserved housing units will be offered on a chronological "first-come first-served" system based on the order in which a prospective buyer submits a completed reserved housing package. There are still several chronological spaces available for the selection event, which is scheduled to begin on Saturday, September 25.  
Anyone interested in purchasing a reserved housing unit MUST HAND DELIVER A COMPLETED APPLICATION PACKAGE, which includes an approved lender pre-qualification letter to the Pacifica Honolulu Sales Center, located at Inspiration in the Honolulu Design Center to receive a chronological number.  
Application packets are still available at:
Pacifica Honolulu Sales Center
INspiration Honolulu Design Center
1250 Kapiolani Blvd., Honolulu, HI
Phone: 808-596-8686
Open Daily 10:00 A.M. to 5:30 P.M. 
Pacifica Honolulu’s Reserved Housing Program was established to comply with the State of Hawaii Kaka’ako Community Development District Plan’s requirement that private developers set aside not less than 20 percent of total residential units for reserved housing. The sale prices must be affordable for prospective buyers and their families earning less than 140 percent of the Honolulu area median income ($81,700 for 2010) established by the U.S. Department of Housing and Urban Development. For example, buyers must not exceed the maximum gross qualifying income of $102,125 for a single person, or $114,380 for two or more persons. Income requirement details are provided in the Reserved Housing Application packet.
The program falls under the Kaka’ako Mauka Area Rules administered by the Hawaii Community Development Authority (HCDA). The rules provide guidelines that determine potential buyer eligibility and the documents buyers must complete to secure a place in line to purchase a reserved housing residential unit.  
Pacifica Honolulu is a 46-story high rise on 2.3 acres and has a total of 489 residential condominiums, including 365 market residences and 124 reserved housing units. It also has 11,464 square feet of ground floor commercial/industrial space. Amenities include a tailored, sophisticated lobby/library, café-style mail lounge, pool and Jacuzzi, cabanas, urban park with party pavilion, fire pit and six barbecue hale, two state-of-the-art theaters, fitness center, locker rooms and sauna, 24-hour security, private access entry and electronic security in parking garage.
For more information about Pacifica Honolulu, contact Heyer & Associates LLC, exclusive project broker, at (808) 596-8686 or review the website at www.pacificahonolulu.com. The Sales Center is open daily from 10:00 a.m. to 5:30 p.m. at INspiration in the Honolulu Design Center, located at 1250 Kapi’olani Boulevard.
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