Well, the long awaited ( by some ) decision as to the next phase of the Centerpoint Condominium story has been made. National real estate development organization Zaremba Group has paid $30 million for the unfinished towers in the heart of the Mill Avenue District.
According to the Phoenix Business Journal, the sale will close this year and the units will become rentals, mainly catering to ASU students and upper classmen or to anyone looking to live in Downtown Tempe.
According to Kent Chantung of Zaremba, the retail space and one of the towers will be finished by March with the second tower completed in time for ASU’s fall semester. It will be interesting to see how the retail space is finished and the types of finishing touches Zaremba puts on the units. I recall plans by the previous developer where a wine bar, coffee house, bakery and many great features were planned at Centerpoint. Obviously, their big plans for this project became another poster child for the bubble that burst over the past few years.
Rumors over the viability of this project have been rampant for quite some time. How much damage has been done to the shell of a building that has stood empty for so long? Can they sell more “glorified apartments” in this market? Should they rent them out to students and risk the “frat house” lifestyle in a “new” multi-million dollar project?
It sounds like the new owners have a good track record and that they beat out quite a bit of competition for Centerpoint. Hopefully, they will complete the project nicely and inject some new life into what many had written off for dead.
Amazing Views from Centerpoint
Without a doubt, the location is cool for people wanting an urban experience in the Valley of the Sun. The Mill Avenue area, proximity to ASU, the airport, the light rail and much, much, more should appeal to many different types of people. While the condo market has been just a bit soft, the rental market in and around campus probably does make more $ense at this time.
I recall taking a tour of Centerpoint in early 2008 and being quite impressed with the amazing views from 30 stories above Mill Avenue. The Penthouse units were absolutely amazing with wrap-around balconies, private swimming pool, large floor plans and 360* views to die for.
I am looking forward to watching the changes occur as they start to fill the 375 units at Centerpoint. Undoubtedly, many people will be watching very closely…