There may be a buyer for the troubled Elevation Chandler, the partly built high-rise project south of Chandler Fashion Center that has sat idle for 18 months
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"There is a very reputable potential buyer in discussions with (developer) Jeff Cline," Chandler City Manager Mark Pentz said. He declined to name the prospect.
Many potential buyers have inquired about the site at the intersection of Loop 101 and the Santan Freeway, said Don Brigham, executive vice president at Coldwell Banker Commercial in Phoenix. "It’s probably too early to be talking," Brigham said, declining to discuss specifics.
A number of residents have expressed in published letters that the city should take over the troubled property and tear down the eyesore, which has been marred by graffiti taggers on at least two occasions. But it’s not that simple.
"We can’t take private property for other than a public purpose, and we can’t do it without paying just compensation to the landowner," said Glenn Brockman, assistant city attorney. The initial plan for the site was a high-rise hotel topped by two floors of luxury condominiums, another tower of condominiums, a fitness center and a parking garage. In April 2006, workers walked off the job because they weren’t getting paid. Subcontractors recorded mechanic’s liens, and several filed lawsuits.
Phoenix-based Mortgages Ltd. filed foreclosure action and a trustee’s sale was scheduled last February. Cline managed to save the property and cancel the sale by getting a $24 million bridge loan. The loan gave him a year to obtain new financing to resume construction.
This spring, Cline put the 10.5-acre site up for sale at an asking price of $42 million to $58 million.
Cline did not return a phone call nor an e-mail seeking comment on the potential sale.
Luci Scott
http://www.azcentral.com/arizonarepublic/business/articles/0928biz-cr-elevation0928.html
