KO OLINA, Oahu, Hawaii -- Ground was broken Thursday for a new luxury condo development at Ko Olina. Even though few Hawaii residents would be able to afford them, officials said the project will provide jobs and taxes for the state.

The new luxury high-rise condominium will overlook the second lagoon at Ko Olina. The new property developed by Dallas-based Centex Corp. will be called the Beach Villas at Ko Olina.

Politicians and developers did the symbolic groundbreaking Thursday for what will ultimately become an eight-story Beach Tower and a 15-story Ocean Tower.

With kitchens designed by star chef Roy Yamaguchi, the two bedroom units start at $1.8 million.

Who can afford these condos?

"I don't know," Sen. Colleen Hanabusa said laughing. "But there must be people who can. It would seem to me that it probably will be more mainland investor types who have a lot of money. I would assume that."

Hanabusa represents the Leeward Coast. She said the development will be an economic engine for the area, generating property tax and income taxes and providing jobs.

"Whenever you have this type of development happening, you have really like the multiplier effect. And that's what we're looking for," Hanabusa said.

For a $50,000 deposit you can reserve a spot for the actual sales that begin Oct. 15.