The Centerpoint Condominiums developer has fashioned a new plan to pay off creditors and finish the iconic property located west of Mill Avenue on 6th Street in Downtown Tempe.

As previously discussed here, the plan includes receiving approximately 44 million of new money from a Florida based lender, EFO Financial Group.  The developer would renegotiate the 40 current sales already in place to lower prices, while continuing to sell and/or lease the property to prospective owners and tenants.  The timeline for completion of both towers as well as the payoff of debt to creditors is 5 to 7 years.

Based upon the overall softness in the recent sales prices at condominium developments valley-wide, it will be interesting to see where the developer re-prices their units at.  The article states that an accounting firm projects a conservative $170 million from sales and rentals of Centerpoint.

The reorganization plan will be presented to the bankruptcy court on May 13, 2009, and as always, we will continue to update on the status.

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