Centerpoint in Tempe Sold
http://www.billgemmill.com/blog/articles/26/1/Centerpoint-in-Tempe-Sold/Page1.html
Bill Gemmill
REALTORRealtor
By Bill Gemmill
Published on 09/3/2010
The twin condo towers in downtown Tempe that have been sitting vacant and unfinished since the original developer ran out of funds (and went into bankruptcy) and may finally be sold. A purchase agreement was announced September 2nd with the Zaremba Group.
The Zaremba Group will pay $30 million dollars in the sale, which is subject to approval from both the Bankruptcy court and a vote of the original investors. If approved, work would start to finish the nearly complete 22 story condo tower, and at some point finish the 30 story condo tower. The Zaremba Group is based in Cleveland, and owns Barolo Place in Scottsdale (a condo project on Shea), and apartments in Mesa and Peoria.
The latest information released just after Labor Day 2010 is that the condo project will be turned into high end rentals due to the local economy. The rental office should be open by November or December 2010 with work starting on the first towers 189 units this October with completion by March 2011. The second towers 186 units should be completed by August 2011.
The latest information released just after Labor Day 2010 is that the condo project will be turned into high end rentals due to the local economy. The rental office should be open by November or December 2010 with work starting on the first towers 189 units this October with completion by March 2011. The second towers 186 units should be completed by August 2011.