Century Plaza Becomes One Lexington

You may have read last week that Century Plaza, the once failing high-rise condo building in midtown Phoenix, had turned a major corner when Macdonald Development Corporation purchased the remaining 130 condominiums from M&I Bank.  With the purchase we told you to expect a new infusion of cash and condos offered at significantly reduced prices.

For at least the last year, multiple investment groups from around the world analyzed the building to determine if it was a “good buy” or not.  Many of these investors, including Robert Macdonald of Macdonald Development Corporation, came to us at We Know Urban Realty for our expertise in the high-rise condo market to ”pick our brains.”  Several of the front-runners in the bidding process said that if they were to buy the building that they expected to sell one bedroom condos starting in the mid- $100k range with two bedroom condos starting in the high $100k’s.  It will be interesting to see at what price Macdonald ultimately offers the condos.

A very stong hint that the condos will soon “come to market” is the change today of the signage at the building and the addition of new sales banners.  As of today, Century Plaza will no longer be called Century Plaza but rather by its new name, One Lexington.  If you drive by, in addition to the new One Lexington signage you will see banners announcing  new ownership and “reduced” pricing for condos.  It is my guess that the new owner will want to hit the ground running and begin sales soon.  So stay tuned here for new announcements etc… 

Also, please know that if you buy a One Lexington condominium using a We Know Urban Realty agent, that we offer discounts applied at closing (talk to one of our agents for details as limitations and terms do apply).

So, before talking to an agent who works directly and exclusively for the developer, give us a call.  You’ll get “cleaner” information from us, since we’ll represent you and not the developer PLUS we’ll give you a discount that the developer’s agent won’t offer you.  As always, for additional information call (480) 510-8755 and follow the prompts.