Pacific Grove >> Almost two and a half years into the project, developers behind the Holman Building luxury development are gearing up to install the interior drywall and then apply the structure’s final touches.

Dave Gash, founding partner of Monterey Capital Real Estate Development, the company behind the project, said Thursday the project is now set to be completed by the end of the year.

“The finishes are on their way,” said Gash, who noted that all five residential units on the second floor have been sold. “Our hope now is to open the third floor for sales by mid-August.”

All the 2,000 square-foot residential units feature two bedrooms and two and a half baths, with those on the second floor ranging in cost between $1.4 to 1.7 million. Third floor units will sell for $1.7 million and above.

The four three-bedroom penthouses, which include outdoor living spaces, will be located on the fifth floor while a total of 12 commercial spaces will also exist within the building’s bottom floors. So far, current existing businesses Jeninni Kitchen + Wine Bar, Grove Nutrition Center and Monterey County Bank will remain on the ground floor.

Gash said he expects to have a commercial walk through in late July once Pacific Grove building official John Kuel deems it suitable for pedestrian traffic. Kuel has been overseeing the project’s inspections and safety aspects from the start.

Currently, the building’s 3,000 square-foot lobby, which will include a weight room, media center, bar, stage and lounge for private uses and special community events is having all of its electrical work finalized, according to Daniel Crnkovic, superintendent of construction. Eventually, it’s set to include marble floors and a grand fireplace.

Gash has ties to the community through his great-great-grandparents who came to the Monterey Peninsula from Oklahoma to work in the canneries. He said that opening up the space for community use is the company’s way of saying “thank you” to both the city and local residents who have supported the project.

“It’s giving something back to the community for everyone to use,” said Gash.

Built in 1918 and serving as a downtown staple for more than 90 years, the Holman Building was purchased for $5.9 million by the real estate development company. Before it’s complete, Gash expects a total of $15 million to be spent on the project.

While originally, the condominium units were expected to be finished by the end of 2017, Gash said the biggest challenge besides trying to “conduct a seismic upgrade on a wood structure sitting on pure granite,” has been re-locating the existing cell towers on the building’s roof.

“Usually you build from the top down but we had to build from the bottom up,” said Gash, noting the five-year easement that the cell phone companies were a part of, which gave them the rights to the towers.

Eventually the updated cables and towers will be located on top of the fifth-floor penthouses and fully screened so they’re concealed.

In terms of retail space, Gash and Monterey Capital Real Estate Development partner Matt Tanzi said it’s been mostly local businesses that have expressed interest. The same goes for those interested in the residential units that are now sporting new cast iron balconies.

“It’s mostly local people who already spend time down here on a temporary basis,” said Tanzi. “We continue to see a tremendous amount of interest.”

“People who know this place is special have sought us out,” said Gash, noting that the development team plans on holding a reception celebrating the building this August. “The way see it, we’re privileged to be a part of this.”

For more information on the Holman Building development, visit www.theholman.com

Carly Mayberry can be reached at 831-726-4363.