Centerpoint Condominiums
Centerpoint Condominiums - Another Update
The long awaited foreclosure sale that curious real estate folks have been talking about occurred this morning. The two Centerpoint Condominiums towers, standing 22 and 30 stories tall in the center of Downtown Tempe, failed to sell at foreclosure auction.
According to reports, the minimum asking bid was $8 million dollars, but no offers were received. So, as we previously suspected, the original lender Mortgages Limited (now ML Holdings) will take control over the development and will likely sell the project to a developer who will complete it. The proceeds of the sale will go to benefit the private investors who originally funded the Centerpoint development with a loan of $135 million. Unfortunately for those investors, they will only see a very small percentage of their invested dollar returned.
Stay tuned as news breaks on who the new developer may be. We suspect that whenever they are announced, units in the first tower may be occupied within approximately 6 months considering that the first tower was practically completely finished prior to falling into bankruptcy. The second tower will most likely be put on hold since it was essentially an empty shell.
To learn more about leasing, buying or selling a property in Downtown Tempe, please contact the downtown Tempe urban living broker:
Email Tom Tokoph | 602.549.9000
Designated Broker | Urban Realty & Development
Thursday, April 8, 2010