[Source: Jan Buchholz, Phoenix Business Journal]
From the “that didn’t last long” file, word comes today that the sale of condos at 44 Monroe in downtown Phoenix is off.
In early November, the new owner of most of the project — it was purchased by ST Residential after the lender took it back — said they would sell the units for nearly half of their original pricing.
The high-rise at First Avenue and Monroe Street has 196 units, with 14 occupied by residents who bought at the height of the market, when they cost between $450,000 and $3.2 million.
But now the plan is to lease them. In a letter sent to brokers and other interested parties Thursday afternoon, a representative from the sales team said the market dynamics don’t support sales. No word yet on what rents will run, but look for a mix of Arizona State University students and staff, and young professionals working downtown to settle into the high-rise lifestyle.
[Source: Phoenix Business Journal]
ML Managers LLC has taken possession of the Hotel Monroe in downtown Phoenix and Ten Wine Lofts in Scottsdale, both busted projects that the now defunct Grace Communities had partially developed.
The announcement was made Friday by Mark Winkleman, chief operating officer of ML Managers, the firm created to administer commercial real estate loans made by Mortgages Ltd. That company was forced into Chapter 11 reorganization bankruptcy after its sole shareholder, Scott Coles, committed suicide in June 2008.
Mortgages Ltd. had been one of the largest lenders in the state for construction and land acquisition loans since the mid-2000s.
The Hotel Monroe historic redevelopment project was barely off the ground when the economy tanked in late 2008. Interiors of the property at the southeast corner of Central and Monroe avenues in downtown Phoenix had been stripped in preparation for new construction of a boutique hotel and have remained untouched but exposed to the elements for about two years.
Winkleman said that property will be put on the market shortly.