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$285M Project Is Catalyst for Local Economy

HONOLULU-The developer says contracts are in place for most of the available units in the Pacifica condo project, and that the $50 million construction loan has closed.

By Natalie Dolce | Updated on May 24, 2010

HONOLULU-It’s pretty clear that the dozens of people who camped out for two days recognized the value of the 48-story redesigned Pacifica Honolulu project. The reason? San Diego-based development firm OliverMcMillan recently revealed that firm contracts are in place for 244 of the 365 available market-rate units in the Pacifica Honolulu condominium project, and the $50 million construction loan closed with First Hawaiian Bank.

With the presales and financing secured, construction on the $285 million project officially started at the end of April with Ledcor Construction. OliverMcMillan acquired Pacifica Honolulu, formerly known as Moana Vista, in October 2009 from KC Rainbow II.

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