Pacifica - Honolulu, HI
Work is expected to restart on the Moana Vista condominium project in Kaka'ako that went into foreclosure earlier this year.
OliverMcMillan, 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 the foreclosure on the major Honolulu condominium project in April. This was the first step in completing the transaction to purchase Moana Vista.
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, giving OliverMcMillan control of the ownership and the lien.
OliverMcMillan is currently reviewing all aspects of the project design and intends to greatly improve, as well as rename, the project. OliverMcMillan is confident that construction will restart later this 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.
OliverMcMillan's CEO and Principal, Dene Oliver, said "We are excited about this project. We believe in Hawaii, and we believe we can make this a special place for Honolulu. This project is a great opportunity, which is why we are investing substantial capital in the state."