Remember back in September when we talked about the Centerpoint Condominium towers being sold to the Zaremba Group for $30 MILLION only to later hear that the deal was off because of a little snafu over a measly $20 MILLION, or so?
In November of last year, we heard stories that the developer was a little bent that Fidelity National Title wasn’t allowing them to proceed based on claims of numerous contractors and subcontractors liens totaling approximately $21 MILLION. We now hear that the subcontractors were offered a settlement and that some insurance companies, and probably a few lawyers, get to hash out the details. The bottom line appears to be that a deal has been done.
Apparently, life is good once again for the parties involved as it has been reported that the deal has closed and Zaremba expects people to begin moving into the newly named luxury units by August 1st. If you recall, there is a large portion of tower #1 that has been completed.
No longer called Centerpoint, the buildings will now be known as West Sixth based on their location west of Mill Avenue at 6th Street in Tempe.
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This just might be the next “super-cool” address for ASU students to live while studying hard and enjoying the Mill Avenue lifestyle. West Sixth will have some great features to lure in people of many different stages of life. According to a Tribune article, “West Sixth will have a 9,000-square feet fitness facility, including a yoga studio, tanning beds and lounge. The resort-style pool area will feature cabanas, fire pits and a barbeque area.” Many people are calling downtown Tempe the area’s most urban experience.
Without a doubt, West Sixth has some amazing views and some fabulous features. I’m looking forward to seeing what types of ground-level shops go into the project, as well. With a potential to have 375 residences in the area, the neighboring business owners must see this as great news.
So far, lease rates for West Sixth have not been published. When I last spoke with a representative from Zaremba, they planned to be “competitive” with area rates for some of the nicer units in Tempe. Once I hear more, I’ll be sure to let you know.