West 6th Tempe, Formerly Centerpoint Towers, Ready for Residents to Move In On Monday

Categories: News
west 6th 1 200w.jpg
Image: Ray Stern
The lights are on at West 6th Tempe, formerly the Centerpoint Condominium towers. On Monday, renters will be allowed to move in.

Six years after construction began, and following nearly three years of inactivity, one of the towers at Sixth Street and Maple Avenue in Tempe will welcome its first residents on Monday.

The project began in 2005 as the overly ambitious Centerpoint Condominium towers, a brainchild of developer Ken Losch and his partners at Avenue Communities/Tempe Land Company. As New Times detailed in a 2009 feature article, "Concrete Bungle," work on the tallest buildings in the East Valley stalled in July of 2008 as the economy crashed. Besides the recession, though, the project suffered from a partnership with the unconventional lender Mortgages Ltd., run by millionaire playboy Scott Coles.

The condo towers were the lender's biggest single project, and Coles committed suicide on June 1, just hours after Losch called to tell him that Tempe Land Company planned to file for bankruptcy. For the next two-and-a-half years, the towers sat unfinished in Tempe as dark, hulking reminders of the bad economy.

Investors had sunk an estimated $180 million into the five-acre property and towers, then sold everything to Zaremba Group of Ohio in February for just $30 million. The condo idea was tossed in favor of a high-rise apartment complex now called West 6th Tempe.

Zaremba just finished off the shorter, 22-story tower and signed leases on nearly all of its 189 units. On Monday, the renters will finally arrive.



"We have confirmation from quite a few of them that they'll be there with their U-Haul trucks, ready to move in," says Angie Miller, spokeswoman for the company.

Tempe Mayor Hugh Hallman is expected to be at the site at 10 a.m. on Monday to talk about the significance of the project to the city.

For sure, the hundreds of new residents will add life to Mill Avenue, which has suffered in recent years because of the economy and the opening of Tempe Marketplace.

Tower 2, which stands at 30 stories, is still expected to open by the end of the year along with retail stores and a movie theater.
My Voice Nation Help
5 comments
tdhurst
tdhurst

Why isn't anyone commenting on the fairly obvious point that the downfall of these towers wasn't only because of the bad economy, but that they were far, far too high end to ever work in Tempe. What kind of young professionals would ever be able to afford a place at the original prices?

There was going to be a trattoria, wine cellar and a host of other high-end amenities that only Paradise Valley or North Scottsdale people could afford.

Great to see them used, but this failure was about more than a bad economy.

just me
just me

Talk to those idiots at city hall.....this was a huge fiasco but they would never admit it.  When you have friends that you cater to this sort of thing happens.  Plus they gave a loan for approximately 10 million dollars for this mess.

tdhurst
tdhurst

Forgot about that, but I remember hearing about it when I received a tour and wrote a story about it a few years ago.

I don't understand this entire state.

zhongwsl
zhongwsl

welcome come here: ★  {w w w } { jordanforworld } { com } ***

our shop discount many kinds of fashion shoes, like the nike, jordan, prada, also including the jeans, shirts, bags, hat and the decorations. All the products are free shipping, and the the price is competitive, and also can accept the paypal payment., After the payment, can ship within short time.

WE ACCEPT PYAPAL PAYMENT

BEST QUALITY GUARANTEE!! 

SAFTY & HONESTY GUARANTEE!! FAST & PROMPT DELIVERY GUARANTEE!!

YOU MUST NOT MISS IT!!!

very good web:{w w w } { jordanforworld} { com } ***

Quickly snapping up right

just me
just me

Hallman is a ass....anything for the camera.

Now Trending

Phoenix Concert Tickets

From the Vault

 

General

Home

Loading...