centerpoint

Centerpoint Project Sold, To Become Apartments

A Tempe, Arizona project that we've been following since 2006 finally has some new owners. Earlier this year the Centerpoint Condominiums project fell into foreclosure. The concrete, glass and steel project called for a pair of 30-story towers with around 800 units ranging in size from small studios to large penthouses. The project has been unfinished for years. 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. Although a foreclosure auction was held in April there were no takers. The project has now been purchased by the Zaremba Group for $30 million. Proceeds from the sale will go back to the development's investors. The company plans to finish the two residential towers and retail space by summer 2011 and then rent it out rather than sell the condos as was originally planned. The luxury apartments will be marketed to Arizona State University students.

Tags: arizona real estate, centerpoint, centerpoint condominums, zaremba group

Tempe Condo Complex Faces Foreclosure

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

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

Centerpoint Condominiums

by Deidre Woollard (RSS feed) —

Filed under: Estates

Condo enthusiasm is alive and well in Tempe, Arizona despite a market that is showing some serious instability. Centerpoint Condominiums will be the first residential community in the heart of downtown Tempe, The concrete, glass and steel buildings definitely have an urban look. The condos recently went on sale. There will be a pair of 30-story towers that will be house around 800 units ranging in size from small studios to large penthouses. Amenities include a swimming pool and hot tub that has a sand beach entry. There will also be a cabana bar, a spa and men's and women's locker room. Designed to be a total community, the development will also have a gourmet café and grocery store right at the ground level. The project is scheduled to open in mid-2008.

[via AZ Central]

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Tags: arizona, buildings, centerpoint, condominiums, development, tempe