Finally!  The silence has been broken!  It appears that the negotiations between the developer of the Centerpoint Condominiums, (Tempe Land Co., LLC) and their lender Mortgages Limited has not gone well.  The developer of the two high rise buildings, located West of Mill Avenue at 6th Street in Downtown Tempe, is seeking to convert their Chapter 11 bankruptcy filing into a Chapter 7 Bankruptcy.

What does this mean for the Centerpoint Condos and Downtown Tempe?  Hopefully, it means we are one step closer to a resolution that will allow one of the current entities involved, or possibly a new entity, to finish the construction and begin sales at reset market pricing.

Read the Centerpoint Condominiums article here

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Tom Tokoph | 602.549.9000

Designated Broker | Urban Realty & Development