Tempe Condo Complex Faces Foreclosure

by Deidre Woollard (RSS feed)
Jan 11th 2010 at 7:01PM

In 2006 I wrote that condo enthusiasm is alive and well in Tempe, Arizona "despite a market that is showing some serious instability." Allow me to eat those words, the project I wrote about as a sign of that enthusiasm, Centerpoint Condominiums, has now fallen into foreclosure. The concrete, glass and steel projected called for a pair of 30-story towers with around 800 units ranging in size from small studios to large penthouses. Amenities included a swimming pool, hot tub that has a sand beach entry, cabana bar, café and grocery store. Instead the project floundered and still awaits completion.

An auction date has been set for April. The property once owned by Tempe Land Co. could be sold to the highest bidder. According to the Arizona Republic, ML Manager LLC, acting on behalf of investors, filed for foreclosure and placed the unpaid principal of condo developer Tempe Land Co. LLC at $135 million.

This makes the second major Arizona development foreclosure in just a couple of weeks. Capmark Finance filed to foreclose on the High Street section of Phoenix's ambitious CityNorth project. CityNorth is a 144-acre development that was to be a network of neighborhoods with shops, cafes and parks amid the residential space. A foreclosure auction date for High Street is set for March 31.

Tags: arizona, centerpoint, citynorth, condo, condo foreclosure, CondoForeclosure, condominium, tempe

Filed under: Real Estate Developments

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Reader Comments (Page 1 of 2)

Nick Jan 15th 2010 11:43AM

another greedy atempt by the rich to make a killing.

these so called developers will now want bail out by the Republicians they are the lakeys of the rich.

american greed is still flourising........................

Joan Jan 17th 2010 6:13PM

Not sure you know what you are talking about.

jxv605 Jan 17th 2010 9:01PM

what a stupid remark to make about people who are willing to risk their time and money to make a profit. They are not getting bailed out, they are going bankrupt. It seems to me that the democrats are the ones bailing out, banks, insurance co, auto companies etc. The construction industry did not get a dime to bail them out. so dont be so smug. your comment was misplaced and typical of people who do nothing and risk nothing.

michael Jan 19th 2010 12:19PM

You mean they will want a deal like GM and all the unions got from the Dems? Let's stop being so partisan and reaalize that we the people need to get rid of all of them and replace them with congresspeople and senators that will represent us!!!!

Rick, Houston Jan 18th 2010 3:21PM

We should not overlook the greed of Congress and our President. They are big sports with tax payer money. While citizens suffer the President and his cronies live high. Hope is that "hope and change" working outside of the D.C. club of elites?

scisac Jan 15th 2010 12:34PM

In Sacramento, three similar projects never got off the ground. We have a beautiful holes at 3 RD & Capitol and 7 TH and Capitol. I don't even want to mention J and K Streets. Our downtown is meager. The developers took a bath here.

G.L. Jan 15th 2010 4:01PM

Nick.......That's a dumb statement. Where would you get the idea that anyone is asking the republicans for a bail out. From your statement I can see that "Dumb" is still flourising!

jackksmh Jan 15th 2010 5:00PM

I am sorry for the ones that have units in this mess. Do they loose everyting?

jim Jan 17th 2010 2:12PM

Now here is an intelligent, meaningful comment. The bright and goodhearted are still alive, thank God.

akhnatons12 Jan 15th 2010 9:09PM

theres a sucker born everyday *&^%$#@+_()*&

Mary Mullane Jan 18th 2010 11:46AM

You must be one of the heartless, unchristian members of the rabid right.

Kent Jan 15th 2010 11:11PM

Vegas is in worst shape....i.e. Fountainbleau, Cosmopolitan, Tivoli and maybe MGM's recent opening of City Center make CenterPoint look modest by comparison ...but , it's a shame it happened. What happens in Phoenix doesn't stay there; it affects all of us equally as well wherever we are.

Marilyn Jan 16th 2010 12:45AM

Its all a matter of timing. This sort of thing is happening everywhere. I've seen land being cleared in Texas for home developments and now I see cleared land for sale. The projects have been abandoned. Our economy will pick up eventually, however we have to quit spending. Obama is bound to bankrupt the country with his all for one and one for all ideas. We need to take our country and economy back to the people and let cooler heads prevail. Tempe will survive this, its survived worse as has the rest of the country.

jim Jan 17th 2010 2:11PM

How soon we forget...It was GW Bush who bankrupted the country. President Obama has only been in the White House for barely a year. It's going to take longer than that to fix 8 yeasr of greed, stupidity and favoritism to the elite.

dave Jan 17th 2010 4:35PM

How soon you forget. It was GW, it all started with Carter's everyone should be able to purchase a home and loosening lending standards. GW is only guilty of not doing enough to turn that around

Kdwg Jan 16th 2010 11:25AM

NICK,

Does NICK stand for No Idea Comment King?

Reps will be asked to bail out the rich? Reps are just glad that the Dems are even letting them still come in the building.

Who, who voted in the current stimulus plan? Who authored the bank bail outs? Geeze, the Reps are so weak right now that they could not have stopped a speeding BB if they had to.

Nick, get back on the meds, wouldya?

JerryB Jan 17th 2010 11:13AM

Hey just ask that stupid Obama to help out he just spent about the same amount to take his wife to a birthday dinner so am sure he would love to help out. He is the most inconsiderate person ever to be in the office. He was the only so-called president not to spend Christmas in Washington in order to allow secret service men and the rest of his bodyguards etc. to spend time with their families. Don't make remarks about republicans spending money as long as you support the largest money spender in the history of our country. Best for all the economy is to remove him from office so we do not have all the foreclosures as we do now.

jim Jan 17th 2010 2:12PM

Sylvan,

Reading your rant, I suspect you are projecting your own ignorance onto the other contributor.

cleo brown Jan 17th 2010 4:32PM

I bought this little item the other day and it said made in the USA and I thought well there is some companies still alive. Well, I opened it up and it said made in Spain. I am not understanding this I guess. Exactly what part is made here and what part is made somewhere else? Did Spain buy some pre-made parts from China then put em together then ship em to USA. Oh well, bring our jobs back home and close all the big boxes so the Mom and Pop stores can re-open. I know everything is cheaper at the big boxes but what good are they if there no jobs. I know I can't afford to buy anything right now with trying to live on unemployment. This country was built on small stores where everyone knew everyone, where they shopped, ate, hung out etc. Now we rush rush rush to get nowhere. A big box closed in AZ. and all of a sudden it's political. Rent them all out for $100.00 per mo. with no interest and someday it will get paid for. $80,000 a mo.for 30 years ought to do it. Oh yes, I keep forgetting one thing......................Greed

Dave Parsons Jan 18th 2010 12:17PM

WE are all dupes in this

The government forced bad loans on the banks starting with the Community reinvestment act 1977. That forced banks to give loans to people that could not repay them. This started the ball rolling.

The clinton admistration fed fuel to fire and expanded this out of control.The idea was the banks would be backed up for any loss by Fannie Mae . This made the bankers relax and sell mortgages to any one they could find whether they could pay back or not.

The banks being the greedy people they are leveraged off of these bad loans up to 20 to 1 . So here we have millions of bad loans levered up to 20 to 1.

This falely raised the price of our homes and we are left with a bogus bloated mortgage. Why are we taking it. Its very clear who is to blame for this mess and its not the people .

All The mortgages should be reduced by the goverment back to reality, immediately . Guess what, the goverment has alread ymade the banks whole with our money so who is left holding the bag. You guessed it us.

I just dont understand why as American citizens we are taking this laying down??

This has created personal and business bankrupties that should not have happened.

let me know how you all feel. I am hopping mad.I would like to unite with people who feel as i do.

Dave