Summit at Copper Square in downtown Phoenix hit with foreclosure notice

building_lg[Source: Jan Buchholz, Phoenix Business Journal] — The Summit at Copper Square condominium project across from Chase Field in downtown Phoenix is scheduled for an Oct. 14 foreclosure sale.  A notice of trustee sale on the 23-story luxury project was filed July 10 at the Maricopa County Recorder’s office by the public trustee, Fidelity National Title Insurance Co., according to information from Ion Data, a Mesa research firm.

The project was built by W Developments LLC.  The Chicago-based firm’s principal, David Wallach, was planning to build another high-rise downtown and was partnering with pro sports investor Dale Jensen and others to develop the Jackson Street Entertainment District when the housing markets collapsed. The Phoenix Business Journal was unable to reach Wallach for comment about the pending foreclosure sale and his plans in Phoenix.

David Newcombe, a broker with Russ Lyon Sotheby’s International Realty who specializes in urban luxury condo sales, said news of the foreclosure was unexpected. “You know, I’m really surprised at that,” Newcombe said. [Note: Read the full article at Summit at Copper Square in downtown Phoenix hit with foreclosure notice]

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Posted on July 14, 2009, in Downtown Vitality, Finances, Luxury Housing and tagged , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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