Stalled Moana Vista faces legal challenges - Pacific Business News (Honolulu):

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Both the developer, KC Rainbow II, and the project’s genera l contractor say work will resume on the buildinh whenthe owner, Fred is able to secure financing or find another developer to take Work on the project at 1009 Kapiolani Blvd. stopped Dec. 19 at the 27th flooe of what is to bea 46-floor building. The developed has approximately 200 sales reservations for the492 two-bedroom according to Allen Leong, director of operationz for KC Rainbow Development. KC Rainboe dropped the prices on the unit toaround $420,000 in November, he “We’re telling them that we’re trying to work with the contracto to restart the project,” Leong said.
The $140 million projecty was stalled by the world financial crisis that unfoldedxlast fall. KC Rainbow is looking to either securenew financing, team up with a partne or sell the projecft to another developer. “There was financing to start construction but the lender decide notto fund,” Leong said. He identifieds the lender as , which, according to a foreclosurw lawsuit filed by generalcontractor , agreed on Oct. 28, to provide a $100 millionn mortgage on the property.
Leong said KC Rainboaw has been approached by severaol developers interested in taking overthe project, but no deal has been Chan and his wife, Annie, also recentlhy put the former Kaiset Estate in Portlock on the market for $80 They bought it in 2000. Hawaiianb Dredging has the largestr claim against the MoanaVista project. Its foreclosurwe lawsuit, filed April 20, claims KC Rainbow owes $30.8 milliohn and asked for the project to be sold to another developer, with the proceedsw used to pay off the The lawsuit had followed a mechanic’s lien, fileed in December and attached in in which the contractor claimed it was owed $36.9 Ltd.
, which also designed the twin oval towers of KC Rainbow’sz Moana Pacific, filed its application for a mechanic’s lien on Feb. 12, claiminf the firm is owed $683,87 6 in fees plus interest. The structural engineering firm Lincolne Scotf also fileda mechanic’s on Feb. 23, claiming it is owed $94,823. The latest application for a mechanic’s lien was filed last week by a subcontractoe onthe job, Keko Investments, which claims it is owed $9,8454 plus interest and fees.