Moana Vista construction update July 2009

We've been wondering what will happen to that partially finished condo in Honolulu.  On July 3rd the developer made its announcement.  KC Rainbow Development plans to sell the tower to an affiliate of San Diego-based OliverMcMillan, a California Development company.

If everything goes well, construction on the 46-story building should resume by the end of 2009 and the project will be completed in 2011.  KC Rainbow Development stopped work on the building at the end of 2008 as problems with obtaining financing emerged.

Prior to the Moana Vista project, KC Development successfully completed Moana Pacific, the twin towers at the corner of Kapiolani Boulevard and Pensacola / Piikoi Streets.  That was two years ago, when the economy and our real estate market were still moving along smoothly. 

In May 2006 the Moana Vista condo was announced and KC Development quickly sold most of its units.  As the economy slowed and construction halted in late 2008, many prospective buyers pulled out of Moana Vista. 

Part of KC Development's deal with the State of Hawaii was to provide affordable rental units.  OliverMcMillan is seeking to sell the affordable units at affordable prices, rather then becoming a landlord.  It looks like the State is going to allow the change.

Many Oahu residents are happy to see something happening with Moana Vista.  Some are waiting for a completion date so they can move into their new homes.  Others are laid off construction workers, waiting for jobs to re-emerge so they can make a paycheck again.

Here's a model of Moana Vista in the showroom

Let's hope to see the actual building looking like this in 2011!  If you're interested in reserving a unit, please visit our Moana Vista Condo page.  Prospective buyers, your deposit will be held in escrow until the final public report is published and you have 30 days to review it.  Prior to that time, your reservation can be cancelled without penalty.  Escrow may charge a small handling fee for contract cancellation.

Aloha, Mike Bates

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