Centerpoint Towers Finally Sold to Zaremba Group; Construction to Finish Project Begins "Immediately"

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towers 1.jpg
Image: Jamie Peachey
The Centerpoint Towers in Tempe have finally sold. The buyer, Zaremba Group of Ohio, hopes to have renters living there by August.

Welcome to "West Sixth."


The Centerpoint Towers in Tempe have been sold, and construction on the unfinished project will resume "immediately" in order to have occupants living there by August.


Zaremba Group, which came close to buying the towers and five-acre property, closed the $30 million deal today, confirms Mark Winkleman of ML Manager, the successor company to Mortgages Limited.


ML Manager settled with the subcontractors who said they were owed $21 million for their work, and the company will attempt to recoup the loss from its insurance company, Winkleman says. He declined to give the settlement amount.


The planned, high-rise apartment complext will be called "West Sixth," a reference to its location at Sixth Street and Maple.


Here's the press release from Zaremba's PR firm: 

TEMPE, Ariz. (February 18, 2011) - Zaremba Group announces today that the sale of the Centerpoint development is final and construction will resume immediately on the luxury, urban housing project slated for move-in by late summer. New management brings with it a fresh name for the residential property - West Sixth, a nod to the central address the towers occupy in downtown Tempe.

Located at 111 West 6th Street, the apartments bring an obtainable, sophisticated lifestyle to the Tempe rental market. Phase I of the new West Sixth complex, a 22-story residential tower, will be ready for occupants by August 1, 2011 and will incorporate mixed-use retail and restaurant space on the ground floor. Phase II, a 30-story residential tower, will be completed by December of this year giving the community a total of 375 apartment homes.

West Sixth will augment the Live/Work/Play lifestyle of the predominant student atmosphere in downtown Tempe. The innovative apartment community will include several comforts consistent with fine living including a 9,000 square feet fitness facility complete with a yoga studio, tanning beds and lounge. The resort-style pool area boasts cabanas, fire pits and a barbeque area. Rental pricing is not yet available, but is expected to be commensurate with other area communities.

"West Sixth offers unmatched amenities and will be the pinnacle for urban lifestyle. We are pleased to now move forward mindful that sales of this magnitude and complexity take time to complete," says Kent Chantung, director of residential development for Zaremba Group on the interval from the previous expected closing date in October, 2010. "The added time in the process allowed us to solve lingering issues. With the obstacles resolved, we are now able to deliver a remarkable living environment to Tempe."

Zaremba Group is a national real estate organization based out of Cleveland, Ohio and currently manages three properties in the Phoenix area. Because of their specific expertise in stabilizing distressed housing developments, they have been instrumental in navigating the intricacies of the sale of the Centerpoint project. They will continue to oversee the development of West Sixth to fruition.

"We are cognizant of the past of this project, but are extremely excited to be an integral part of the present and future of Tempe," adds Chantung. "West Sixth represents a significant contribution to growth and construction for the Valley and will expand Tempe's standing as a significant metropolitan destination."


Winkleman says he's elated to see the sale go through, adding that it was the "longest, most complex, contentious" real-estate deal he's ever worked on.

A New Times feature article about the towers in October of 2009 describes how the Centerpoint project went from Mortgages Limited's largest single project to an unoccupied, unfinished eyesore in the aftermath of the lending company's collapse.

Only the smaller tower will be completed initially, and we imagine even that won't fill up that quickly without major rent discounts. Still, the sale is great news for downtown Tempe, which has been plagued by too many empty storefronts as the recession shitty economy wears on.

Best of all, no double-implosion.


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12 comments
Creed_az
Creed_az

So.. for those who put in down payments.. you're screwwwed?

ExpertShot
ExpertShot

WTF - Are you claiming to be a journalist? If you're going to make statements like that (e.g., ". . .the recession wears on"), you should at least include a disclaimer that you're not an economist - or even someone who has the ability to read.

According to the U.S. National Bureau of Economic Research (NBER), the most recent recession (The late-2000s recession, more often called the Great Recession or simply The Recession) began in the United States in December 2007 and ended in June 2009.

In the United States, the requisite two consecutive quarters of growth in the GDP was not confirmed until the end of 2009.

If you don't even know what constitutes a recession, Ray, say so. Don't just put out the disinformation fed to you by your masters, the Koch brothers through Faux news. You truly do your readers a disservice - much as you did when passing off the lies about the hordes of people wanting to ban guns recently. I'm getting to think you're some fan of Goebels or something.

Record high unemployment caused by the recession will persist until 2012 but THE RECESSION IS OVER AND HAS BEEN SINCE 2009 (prior to President Obama taking office). As president, Obama signed economic stimulus legislation in the form of the American Recovery and Reinvestment Act in February 2009, ONE OF HIS FIRST ACTS. This legislation is widely credited with saving our nation from dissolving into a depression which would have been worse than the Great Depression AND stopping the recession only only four months later.

Why do you want to convince people that the Republicants and President Bush were'nt directly responsible for the Recession through lax oversight of the financial markets - which WAS the reason for the recession and the reslutant high unemployment?

ExpertShot
ExpertShot

[NOTE- this paragraph has been corrected:

Record high unemployment caused by the recession will persist until 2012 but THE RECESSION IS OVER AND HAS BEEN SINCE 2009 shortly after President Obama took office.

As president, President Obama signed economic stimulus legislation in the form of the American Recovery and Reinvestment Act in February 2009, ONE OF HIS FIRST ACTS. This legislation is widely credited with saving our nation from dissolving into a depression which would have been worse than the Great Depression AND stopping the recession only only four months later.

Ray Stern
Ray Stern

Okay, you're right - I shouldn't have written "recession." (And you'll see that I fixed that line for you in the post.) I'm sure the 57 percent of Americans who don't believe the recession is over (http://www.cbsnews.com/8301-50... will forgive my sloppy, Friday-evening mistake. Since you're such a stickler though, Expert-at-Staying-Anonymous, allow me to point out that your research here also isn't complete. Apparently, even if you're right about the 2009 end-date, economists disagree on whether Arizona's recession ended then or as late as fall of 2010: http://www.azcentral.com/busin...

Ray Stern
Ray Stern

I have no idea what you mean by "you know this already," and I'm quite sure the opinions you've expressed on this blog aren't potent enough to inspire people to harm you. But I do strive for accuracy and don't mind correcting errors.

ExpertShot
ExpertShot

Of course the 57 Percent will forgive you - they're ignorant of the facts AND your reporting contributed to this ignorance! It's almost like you're on the payroll of Faux news or the Koch brothers!

In any case, thanks for correcting your article and providing the additional reference to the AZcentral article which also confirmed that the recession in Arizona ended at least over a year ago.

BTW - I prefer to remain annonymous because there are people on the internet who might be interested in harming me or my family should I identify myself in this blog or elsewhere. You know this already so why would you complain? In addition, why is it important to know who a person is to interpret their writings? Isn't the marketplace of ideas better when you don't have the side-issue of personal attacks to deal with?

haihei
haihei

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haihei
haihei

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haihei
haihei

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Handbags(Coach,ed hardy,lv,d&g) $35

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JD
JD

The current tenants are going to be pissed off when they get evicted.

haihei
haihei

Dear customers, thank you for your support of our company.Here, there's good news to tell you: The company recentlylaunched a number of new fashion items! ! Fashionableand welcome everyone to come buy. If necessary,welcome to :===== www. soozone.com========T-shirts (Polo ,ed hardy,lacoste) $14New era cap $10

Air jordan(1-24)shoes $30

Handbags(Coach,ed hardy,lv,d&g) $35

Jean(True Religion,ed hardy,coogi) $35

Sunglasses(Oakey,coach,gucci,Armaini)$14

Bikini (Ed hardy,polo) $18

Ross
Ross

Try saying "West Sixth" ten times real fast.

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