San Diego Group Buys Moana Vista

by Janis Magin, Pacific Business News
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.
Author Contact Info: Janis Magin, Pacific Business News