400 construction workers sought as Kapiolani condo project ramps up
Major construction on the partially built Pacifica Honolulu condominium tower at 1009 Kapi'olani Blvd. is expected to ramp up quickly now that the developer has a construction loan from First Hawaiian Bank.
Developer OliverMcMillan announced the loan on Tuesday, and expects to employ 400 direct and indirect construction workers until work is completed in fall of 2011. Ledcor Construction Hawaii is the general contractor.
OliverMcMillan in March held a ceremony to mark the 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 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 makai of McKinley High School.