Pacifica Honolulu gets back on track
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.