Major Phoenix Condo Project Goes Into Receivership
A glamorous condominium project in Phoenix, Arizona has been placed into receivership. The Century Plaza project is an office building converted into condominiums. AZ Central reports that M&I Marshall & Ilsley Bank filed a lawsuit in Maricopa County Superior Court saying owner Equus Realty was in default on its loan. A receiver has been appointed and will oversee operations of the project but Equus Realty will retain ownership. The building is completed and the receivership should not affect residents. Century Plaza is just one of several condo projects in the area whose developers are struggling with low occupancy levels and inflated condo prices. Prices at Century Plaza start in the high $200,000s and go up over $1 million.