A luxury condominium tower rising on the former site of the Wave Waikiki nightclub will reach a construction milestone next week, completing concrete structural work on the 35-story project.

The Allure Waikiki tower, which broke ground in January 2008, is on pace to be completed and open in the first quarter of next year, according to Kevin Farrell, senior vice president of the project's developer, Fifield Cos.

Farrell said Chicago-based Fifield has financially ensured that the project will be finished regardless of how many units are sold in the 291-unit tower.

Financing has been an issue for a couple of other Honolulu high-rise projects, including Moana Vista in Kaka'ako, where work was halted several months ago roughly midway through structural construction, and a planned project at 1723 Kalakaua Ave. that never started as expected last year after soliciting sales.

Farrell would not disclose how many Allure Waikiki units have been sold to date, but in October the number was close to 60.

To boost sales, Fifield in April introduced a promotion offering buyers of the next 40 units a 20 percent price discount and a mortgage interest rate at 5.25 percent or less if market rates decline between now and early next year.

Farrell said the special deal so far has produced about 20 sales. "The response was good," he said. "There is a lack of buyers. The only thing you can do to wake them up is lower prices."

Allure Waikiki prices initially ranged from about $700,000 to $2.2 million, and now can be bought for roughly $140,000 to $400,000 less under the limited offer.

Farrell said the company's strategy will be to reduce the discounting after the special promotion, and rely on the project's characteristics to finish selling what he anticipates will be a significant number of unsold units after Allure Waikiki opens.

"We'll get there," he said. "We have plenty of staying power to open the building and sell."

As part of the effort to help boost sales, Fifield plans to finish and furnish interiors of a few lower-floor units to help prospective buyers see the finished product before the building is complete. The model units are expected to be done by the end of summer.

Even though the structure is being topped off, the project is expected to continue to employ about 300 construction workers as many jobs shift from concrete work to interior work.

A ceremony for construction workers to celebrate the topping-off — which includes a breakfast, blessing and signing of the tower's final concrete beam — is scheduled for Wednesday.