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The Honolulu Advertiser
Posted on: Saturday, March 13, 2004

Line starts 8 days early for chance to buy into condo

By Derrick DePledge
Advertiser Staff Writer

Ann Ku sat quietly in a straight-back chair on the sidewalk off Pi'ikoi Street last night, prepared to stay for the long haul — next Saturday — for a chance at a new high-rise condo.

The restaurant owner was No. 70 on a growing list of potential buyers waiting in line for units to go on sale at Moana Pacific — twin, 46-story residential towers planned off Kapi'olani Boulevard near McKinley High School.

"I think it will be convenient for me," said Ku, whose restaurant is not far away.

Other possible buyers — or their real-estate agents — were not as hardy as Ku. They are paying surrogates $250 to $350 a day to sit outside in the elements until the first units go on the market.

After some early skirmishes yesterday, an orderly line formed and people broke out their lawn chairs, blankets and umbrellas. A representative of the developer, KC Rainbow Development, brought pizza and water.

Tre Kuamo'o and several friends saw the opportunity to make some quick cash, even if she would probably never live there. "I wish I could buy one," Kuamo'o said.

The project would have 706 units, scheduled to be built in phases with the start of construction by next fall of the first 353-unit tower. Project development cost is estimated at $200 million.

Residential units are likely to range in price from $300,000 to $900,000, although prices could rise with demand. Moana Pacific is the largest of four planned Kaka'ako residential towers.

The project may include an 80,000-square-foot light industrial component along Kapi'olani for service-related businesses such as food catering, furniture making, beauty shops or copy centers — if there is demand.

Reach Derrick DePledge at depledge@honoluluadvertiser.com or 525-8084.