The developer of a controversial high-rise project at the Central YMCA near Waikiki missed a key deadline at the end of April to come up with funding to purchase the 1.5-acre property, the Honolulu Star-Advertiser has learned.

San Francisco-based MB Property Acquisitions failed to make payment after three extensions to acquire the YMCA site on Atkinson Drive to build the 128-unit Aloha Kai tower that would rise 350 feet, or more than double the current height limit.

YMCA officials wouldn’t comment on whether the project is in jeopardy, but a representative of MB Property Acquisitions insisted the project is moving forward despite the setback.

“We’re looking to start demolition in three to four months’ time,” said a man who answered the phone at the firm Thursday and identified himself as assistant Mike Lane. The newspaper couldn’t find a person by that name listed with the company. “We have plans for the YMCA that are 90 percent complete. We’re ready to start work on it very shortly. No one has dropped the project. I’m very emphatic about that. The funds are virtually available for the YMCA.”

The developer has said it partnered with Japanese-based Tama Home on the project.

Troy Tomita, Central YMCA executive director, said the organization would like to see construction underway shortly so programs can reopen at the popular youth and family center. The nonprofit ended all of its fitness and aquatics programs last year and is operating only the 113-room dormitory.

“We closed everything at the end of February 2015, so it’s been well over a year,” he said. “The gym roof fell out, the pool has no water and we can’t fill it because it’s all leaking and busted. We basically can’t reopen. The extension has expired at the end of April. The YMCA and developer are trying to work something out. Ultimately, we still want to move forward because we need a new Y. It’s frustrating for everybody.”

YMCA officials announced plans in April 2012 to sell most of its property to MB Property Acquisitions to develop the 39-story condo project and parking garage, in addition to a 30,000-square-foot redeveloped YMCA with two swimming pools, a fitness center, exercise studios, basketball gym, locker rooms and offices.

Neighboring residents complained that the developer failed to inform them of the project’s magnitude, and many were also concerned about increased traffic congestion and the new tower blocking scenic views and reducing property values.