Harbour Apartments developer Kollco Holdings told the Mercury late on Friday it was mindful of the interests of unpaid contractors and promised the development would proceed.

Kollco confirmed it was in discussions with its builder, Camarda & Cantrill, to ensure the project met its "construction milestones".

Kollaras Property Holdings chief operating officer John Kollaras said the project would continue, with a completion date now pushed back to 2016.

"The discussions are to ensure the project continues at its current pace and that construction continues in a timely manner so we meet our obligations to the proposed new owners of the apartments," Mr Kollaras said.

"This is a premium development for the region, which is already over 80 per cent sold and we are looking forward to its opening next year."

He said Harbour Apartments was a highly successful project, achieving more than $25 million in sales to date with only a small number of units remaining.

"It continues the Kollaras family's proud history of success in property development in addition to broad ranging community support," he said.

"The family has no intention of changing that philosophy."

Kollco Holdings said it would not make any further statement at this time.

Workers downed tools on May 1 over "money issues" and as of Friday, there was still no work being done at the site.

Camarda & Cantrill is reportedly facing serious financial problems. The Warilla-based company's answering machine plays a recorded message stating the office is closed.

It directs suppliers and creditors to contact Dev Menon at dmenon@ceelaw.com.au.

The Mercury's attempts to contact Camarda & Cantrill and Mr Menon have been unsuccessful.

Subcontractors have contacted the Mercury expressing concerns about the stalled project, with one saying he was owed in excess of $380,000, while another was waiting on $100,000.

"This is a really tough situation but nobody knows what's really going on so it's not a good place to be," one subcontractor said. "Talk is that things will work out in the end but it's a pretty stressful situation when a lot of people are owed big sums of money and the work stops. Hopefully, they'll sort it out and this is a tactic to get things back on track."

The tower, under construction on the corner of Burelli and Harbour streets, was designed by PRD Architects.

Camarda & Cantrill has built numerous large projects including WIN Entertainment Centre, Southern Gateway Centre and Shoalhaven Hospital.

The high point of the development will be two three-bedroom-plus-study penthouses with two living areas over two levels including large rooftop terraces and lock-up garages. The penthouses are priced at $2.6 million and $2.75 million.

Do you know more? Email investigations@illawarramercury.com.au