[Source: J. Craig Anderson, Arizona Republic] — A high-rise renovation project in midtown Phoenix that received high praise when it was converted from apartments to condominiums in 2005 appears headed for serious trouble. The Landmark Towers, 4750 N. Central Ave., was built as Camelback Towers in 1963. The project received much attention when it was restored and remodeled as a swanky, retro-cool apartment building for urban dwellers in 2004. It went condo in 2005.
But some who bought units in the Landmark say they were fooled into thinking the building’s guts also had been replaced — and now they are paying for that mistake. Meanwhile, amenities originally promised to prospective buyers, such as valet parking, have disappeared.
Property owner Rene Kyl said her monthly association fee has jumped from $230 in 2005 to $700 now, and the association recently announced that residents would have to pay an additional $800 a month for the next eight months to pay for new air-conditioning units. The primary reason, Kyl said, is that the 45-year-old building’s renovation was nothing more than a cosmetic fix. The original central-cooling unit from 1963 is still in place and has been failing lately, she added. “We’re one power surge away from no air,” she said. [Note: To read the full article, click here. Related video below about the Landmark Tower’s opening in 2005.]