[Source: Jan Buchholz, Phoenix Business Journal] — A blockbuster plan to create a downtown Phoenix entertainment district is in jeopardy as the lender filed a notice of trustee sale on several of the properties involved. At the same time, three major Valley high-rise condo projects are poised for major court dates that could dramatically affect their future viability.
ML Manager LLC, the company created to administer the loans of Mortgages Ltd. following its Chapter 11 bankruptcy reorganization, filed a notice of trustee sale March 17 on several parcels that would have formed the core of the proposed Jackson Street Entertainment District. The auction is scheduled for June 17. SOJAC I LLC, headed by former co-owner of the Arizona Diamondbacks, Dale Jensen, was the entity that borrowed $24.2 million from Mortgages Ltd. in February 2007 to purchase properties on Third, Fourth, Buchanan, and Lincoln streets. [Note: To read the full article, click here.]