A San Diego-based developer has salvaged a deal to buy the partially built Moana Vista condominium tower in Kakaçako, and expects to resume construction early next year.

The firm, OliverMcMillan, has signed a contract to buy the property from original developer KC Rainbow II LLC after paying off a $29.5 million lien filed against the property by general contractor Hawaiian Dredging Construction Co.
The deal calls off a foreclosure sale that had been initiated by Hawaiian Dredging and postponed until Friday.
OliverMcMillan said it expects to receive title to the property at 1009 Kapiçolani Blvd. makai of McKinley High School by Nov. 2, and resume marketing and sales after making some changes to the 46-story tower designed for 492 units.
“We believe in Hawaiçi, and see this project as a great opportunity, which is why we are investing substantial capital in the state,” Morgan Dene Oliver, OliverMcMillan’s CEO, said in a statement.