Blog Archives

Owner of midtown Phoenix high-rise files for Chapter 11

[Source: J. Craig Anderson, Arizona Republic] — The owner of Century Plaza, a [midtown] Phoenix high-rise office tower converted into condominiums, filed for voluntary Chapter 11 bankruptcy protection this week.  Windsor Century Plaza LLC, owned by Phoenix-based Equus Realty LLC, had sold only 14 of the building’s 145 units when lead creditor M&I Thunderbird Bank placed the property in receivership in December.

M&I, the sole secured creditor, is laying claim to the high-rise building at 3225 N. Central Ave., which has an estimated value of $19 million.  Documents filed in U.S. Bankruptcy Court said that M&I is owed an additional $23 million, for a total of $42 million.  The company also has dozens of unsecured creditors, with about $3.5 million in additional claims.  The largest unsecured creditor is Phoenix-based Summit Builders, owed $1.6 million.  The Phoenix Treasurer’s Office is owed $40,000 in delinquent property taxes, and the Maricopa County Treasurer’s Office is owed $12 million, according to the filing.  [Note: Read the full article at Owner of midtown Phoenix high-rise files for Chapter 11.]

Midtown Museum District association to meet March 25

The Midtown Museum District Neighborhood Association will meet on Wednesday, March 25, 2009 at the Century Plaza Condominiums, Central and Osborn.  The meeting will start promptly at 6:30 p.m.  Vice Mayor Tom Simplot will be the keynote speaker.  After the meeting, there will be an opportunity to view the Century Plaza condos.

The next social event will be on Friday, March 20 at Switch, 2603 N. Central Avenue (just north of Virginia), starting at 5:30 p.m. followed by a short walk to the Heard Museum to enjoy their Third Friday event.  Tickets for Switch will be $9 per person for one drink and an appetizer buffet.  RSVP here.

Major midtown Phoenix condo project forced into receivership

[Source: Brahm Resnik, 12 News] — The new Century Plaza condos in uptown Phoenix, one of several projects suffering in the Valley’s real estate bust, has been placed in receivership.  M&I (Marshall & Ilsley) Bank filed a lawsuit in Maricopa County Superior Court saying owner Equus Realty was in default on its loan.  M&I attorney Scott Klundt says a receiver has now been appointed.  The receiver will oversee operations of the project, such as paying the bills, but Equus Realty will retain ownership.  Doug Edgelow, member manager of Windsor Century Plaza, part of Equus Realty, said M&I’s action was “precipitous and unjustified.”  “The bank’s actions are best understood as a global attempt to manage exposure to loans in Arizona,” Edgelow said, adding, “they have not started any foreclosures.”

The 17-story condo tower at N. Central and E. Lexington Aves. is a converted 15-story office building.  Edgelow says the building is completed but just 14 of the 145 units are sold.  The receivership should not affect residents, he said.  “There’s no indication any work will stop on the building.”  [Note: To read the full article, click here.  Photo source: Sharon]

Phoenix’s “Endless Lofts”

We’re in a spoofing mood, so bear with us as we offer up the short video above made a few years back.  The “3rd Annual Downtown Phoenix Loft & Home Tour” is coming up Saturday, November 1.  Well, it’s really just a tour of rather expensive lofts…not that there’s anything wrong with that.  No neighborhoods with actual house-like homes (like Capitol Mall, Coronado, F.Q. Story, Garfield, Roosevelt, or Willo) are included.  And that’s an opportunity lost on telling the fuller story of living in and around downtown Phoenix.

The loft tour runs from 10 a.m. to 4 p.m. and free shuttles will circulate the tour route through the day for easy transportation.  Tour admission is $8 in advance or $10 the day of the tour.  Everybody must check in at 5th Street between Roosevelt and Garfield to get your wristband and tour book.  Destinations on the tour include: 44 Monroe, 215 E. McKinley, Century Plaza, Chester Place, Portland 2, Portland 38, and The Summit at Copper Square.  For more information (including the possibility for free tickets), click here.