SAN DIEGO, May 18, 2010 (GLOBE NEWSWIRE) -- The dozens of people who camped out for two days recognized early-on the tremendous value of the 48-story redesigned Pacifica Honolulu project.OliverMcMillan – a San Diego-based real estate development firm that develops high quality urban mixed-use retail, entertainment and residential projects – announced today that firm contracts are in place for 244 of the 365 available market-rate residential 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, the largest new high-rise residential project on Oahu, started April 26 with Ledcor Construction. A ground blessing was held on March 25, 2010.
A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7484
OliverMcMillan acquired Pacifica Honolulu, formerly known as Moana Vista, in October 2009 from KC Rainbow II. The troubled property, located at 1009 Kapiolani Boulevard, had stopped construction in the fall of 2008 after the developer lost his construction loan and stopped funding the project with his own equity. The 27th floor of the concrete tower had been poured, and the exterior glass and interior finishes were partially underway.
OliverMcMillan thoughtfully redesigned the two-bedroom, 489 unit, limited-amenity project into a contemporary urban project with sophisticated design and amenities including one, two, and three bedroom residences. To date, 221 of the sales contracts have become non-refundable with deposits of 10 percent of the sales price in escrow. In September 2010, 124 additional residences will be offered for public sale to qualified local residents meeting moderate income requirements set forth by the Hawaii Community Development Authority. OliverMcMillan anticipates there will be hundreds of qualified residents hoping for the opportunity to purchase after the applications are released later this summer.
The 48-story, 430,200 square-foot Pacifica Honolulu project is expected to be completed in September 2011, creating more than 400 local construction jobs.
"Where others saw only impossible hurdles, OliverMcMillan saw opportunities," said Don Horner, Chairman and CEO of First Hawaiian Bank. "The firm should be congratulated for transforming a half-built, stalled property into a successful and attractive affordable housing opportunity."
Through strong banking and capital relationships developed over its 32-year history, OliverMcMillan was able to transform Pacifica Honolulu from a troubled property to a unique urban condo project in less than one year. OliverMcMillan's renowned development team includes: First Hawaiian Bank, Architects Hawaii, and Ledcor Construction Hawaii, LLC., Jules Wilson and PhilPotts interior designers and the exclusive project broker, Heyer & Associates.
"The fact that we had buyers camped out to purchase Pacifica Honolulu units, a once troubled property, is a huge success in this economy," said Dene Oliver, CEO of OliverMcMillan. "The cohesive project team combined with the company goal to pass along the value to prospective buyers, is what created a win for everyone."
"The Pacifica Honolulu project is a value play. Three key components contribute to the success of this sale: good value, a highly desirable location and the fact that this is the low point of development in the cycle," said Ricky Cassiday, Independent Real Estate Market Analyst in Honolulu. "Pacifica Honolulu is one of the few instances of high rises coming on the market. It provides a rare opportunity for affordable housing in the center of Honolulu. Historically speaking, these are reasonable and affordable prices."
"We were very excited when OliverMcMillan came into the picture. They clearly wanted to create a new brand for the project and keep it consistent with their expectation of quality and creative approaches," said David Miller, Chairman and Principal of Architects Hawaii. "The amount of public areas and ambiance of the residence was enhanced tremendously under their direction."
The refined, urban condo building now features substantially upgraded interior finishes and amenities, as well as panoramic views of the ocean, mountain and downtown Honolulu. Additional amenities include:
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"We have mobilized and construction has recommenced. OliverMcMillan has put together a very solid team, which is essential on a job like this," said Jeff Thompson, Vice President and Branch Manager for Ledcor Construction Hawaii, LLC.
For more information about OliverMcMillan, visit www.OliverMcMillan.com, or contact Karen Hutchens at 619.236.0227 or Karen@hutchenspr.com or Lucia Stone at 619.236.0231 or Lucia@HutchensPR.com.
About OliverMcMillan
OliverMcMillan is a 32-year-old private firm that develops unique, high quality mixed-use retail, entertainment and residential projects, both privately and through public-private partnerships with public entities and redevelopment agencies. While demonstrating sensitivity to the community's unique needs, OliverMcMillan brings creative solutions to the complexities of developing urban and suburban places and destinations. Because of its expertise, strong architectural vision, experience working with communities and public agencies and significant financial and analytical strength, OliverMcMillan creates projects that form a catalyst for economic revitalization, financial return, growth and place making. Looking at the big picture, OliverMcMillan makes long-term commitments to its developments and acquisitions by developing tomorrow's vision today, in a manner that will serve the community well into the future.
The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress
