Does anyone know what's up at Century Plaza by Equus in Phoenix? Seems only a couple of buyers have closed since the first closing 2 months ago. I've heard there are problems, including elevators that don't work (there were supposed to be 5, they cut that number down to 3, but only one works...sometimes); plus, they are not closing top-down as promised (so you don't have heavy construction going on over your head). There are also disagreements concerning Final Certificate of Occupancies (they don't have them, but are demanding that buyers close anyway or face "penalties"). Seems like you should insist on a final Certificate of Occupancy. What are some opinions about this???
I believe it went into foreclosure or, at the very minimum, was taken over by a new buyer. Whoever has it now is allegedly in the process of retooling the project to reduce the pricepoints to make the project pencil out.
I like the location of One Lexington. It being closer to high paying jobs at St. Joe's, Children's Hospital, Biltmore region, it seems like it's occupancy would increase more quickly than 44 Monroe.
Phoenix Century Plaza
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