You're going to see condo construction in bubble towns come to a screeching halt, as "buyers" cancel, and builders can't pay their subs.
This project, "Elevation Chandler" was the stupidest one I ever saw in Arizona, with an equally stupid name, $1 million-plus prices, and a stupid slick website full of stock-art yuppies.
A 15 story condo building in Chandler? Ah, the smell of cow manure, with no culture, nothing to do, nowhere to walk and absolutely zero reason to have a high rise urban condo. How it ever got off the ground in the first place I'll never understand. I'd like to see the Republic do an update on every condo project in Phoenix. It's gotta be ugly.
I wonder what they'll do with buildings like these? Knock 'em down? Leave them as eye-sores and open wounds for years until someone buys it out of bankruptcy? Make them office towers?
Liens worth $3 million filed over high-rise project
Five subcontractors that have worked on the high-rise hotel south of Chandler Fashion Center have filed mechanic's liens worth more than $3 million against the property.
Liens, documents filed with the Maricopa County Recorder's Office, pave the way for subcontractors to file a lawsuit to force payment of money they say is owed them. The liens also can halt the transfer of a property until the debt is paid, but subcontractors aren't first in line.
In a guest opinion published June 17 on the editorial pages of The Chandler Republic, developer Jeff Cline defended his project:"Neither Elevation Chandler nor the developer is bankrupt or is filing for bankruptcy. Full and complete financing is in place to complete this project."
On Friday, Cline declined to speak directly to The Chandler Republic but sent an e-mail response through his spokeswoman, Lindsay Hicks. Friday's e-mail said, in part: "The financing is just in the process of being completed for the project. Upon funding, any amounts due shall be paid current, and the project shall commence site construction with the original contractor."
July 07, 2006
Saw this one coming a mile away - stupid condo project in Chandler Arizona becomes an urban skeleton
Posted by blogger at 7/07/2006