New Kapiolani condo opens today

The first residents are scheduled to move into the new Pacifica Honolulu condominium tower in Kakaako today after a five-year construction phase that was interrupted by the financial crisis and recession.

San Diego-based development firm OliverMcMillan, which rescued the project from foreclosure two years ago by buying the partially built high-rise from its initial developer, held a blessing Tuesday.

Gov. Neil Abercrombie congratulated company executives for their foresight and perseverance taking over a troubled project in a bad economy.

"This is a great success," he said.

Mayor Peter Carlisle also praised the firm for its work. "It’s a tremendous accomplishment," he said.

Units in the 46-story building at 1009 Kapiolani Blvd. makai of McKinley High School are nearly sold out. Only 18 of 489 condos are unsold. Prices of remaining one- and two-bedroom units range from $451,000 to $580,250.

KC Rainbow II LLC, led by high-tech entrepreneur Fred Chan, started sales and construction in 2006 on the tower formerly known as Moana Vista. Construction was halted in 2008 when Chan’s financing fell through. OliverMcMillan took over in 2009 and restarted construction last year.