At the intersection of the San Tan and Price freeways in Chandler, AZ stands the "bones" of a seven story high rise, the remains of the "Elevation Chandler" project. It rises like a monument to the housing bust behind the Chandler Fashion Mall.
The project, begun two years ago by developer Jeff Cline, has sat empty since the project was stripped of forms, cranes and building materials by contractors who tired of not being paid. The only activity on the site has been the occasional addition and removal of graffiti. Now it looks like it’s headed for the auction block: [Thanks L!]
A trustee sale is scheduled for April 14 - two years after construction on the project stopped. A trustee sale indicates a loan is in default, and the property is sold to the highest bidder. Proceeds go to the lender.
"The current debt is being refinanced," developer Jeff Cline said in an e-mail. The property had been in foreclosure more than a year ago and set for a trustee sale in February 2007. Cline obtained a $24 million bridge loan, and the sale was canceled.
The city’s biggest concern is the property be maintained in a safe manner, said Doug Ballard, Chandler’s director of planning and development.
It has been difficult to find financing given the glut of condos on the market, although part of the problem was that this project made even less sense than most. A luxury condo project with a view of either the mall parking lot or the busiest freeway interchange in Chandler doesn’t make a lot of sense.
