This is quite unordinary for Phoenix... ;)

They're sort of getting it, but the DPP still focuses on big projects more than small business and residential. The paragraph about the streetscape and a pedestrian-friendly experience is a bit hard to take seriously when DPP supported the tear-down of the Sahara and its conversion to a parking lot. AZ Central comments are normally a waste of time, but I couldn't resist posting one with some of my frustrations about DPP.

Summit at Copper Square to be sold
Phoenix Business Journal - by Jan Buchholz
Date: Wednesday, December 1, 2010, 10:51am MST


Jan Buchholz
Reporter
Email: jbuchholz@bizjournals.com
Numerous high-end luxury condos that have sat vacant for the past two years finally are seeing some life with new owners and lowers sales prices. Now comes word on the street that the first downtown Phoenix high rise that was finished before the 2008 real estate collapse is within days of being sold. The Summit at Copper Square, which overlooks Chase Field, reportedly is in escrow with a closing set for Dec. 8 or 9, according to sources who didn’t want to be identified.
The seller is Stearns Bank NA, which is headquartered in Minnesota but has Arizona operations based in Scottsdale. Stearns took ownership in a foreclosure action when developer W Developments LLC was unable to pay back the construction loan, which was originated by First National Bank of Arizona. Stearns eventually acquired the loan portfolio of First National Bank of Arizona when the FDIC moved in to close down that troubled bank in February 2009.
Numerous multifamily experts in the Valley either don’t know or won’t disclose who is buying The Summit, which has about 75 of 165 units unsold.
Two luxury condo brokers, David Newcombe of Russ Lyons Sotheby’s International Realty and Keith Mishkin of Cambridge Properties, say the best option for the unsold units is to rent them. Both say too much luxury high-rise product is entering the market, including 44 Monroe and Chateau on Central. Newcombe represents One Lexington, which has sold about 55 percent of its units, and is located in mid-town. Mishkin represents luxury condo and townhouse projects for sale around the Valley.
But David Wallach, principal of W Developments, said renting the units would be a travesty, when I contacted him to comment about speculation on the street.
“My concern has always been the best interest of those who bought units from me,” Wallach said.
Renting the units could lower property values and create more anxiety for current owners, he said.
A large portion of buyers paid $300,000 and more for their residences, which sport some of the most spectacular unobstructed views in the city.
I asked Wallach about provisions in The Summit’s covenants that might prevent a new owner from renting the units in mass.
Wallach said he believes the new owners would be violating “declaratory rights” if they tried to lease the remaining units. Only W Developments LLC had the right to rent more than 20 percent of the units, and those rights were not transferable in any subsequent sale, he said.
A Stearns Bank official did not return phone calls to comment.
A real estate broker said the escrow is at a very critical juncture and refused to speculate whether the declaratory rights issue might be a deal killer.
Stay tuned for more.


Read more: Summit at Copper Square to be sold | Phoenix Business Journal

I was just about to say that One Lexington has a new banner up on the North side of the building (1st floor I think) that says they are over 50% sold and thought it would be a some positive news and here I see that was mentioned in the post above.

In a foreclosure sale, any "declaratory rights" would be extinguished in favor of the new owner. If you can't pay your bills, you can't dictate how a new owner will treat the property, by and large. The existing homeowners are all hosed anyway and wouldn't be able to prove damages, because their initial investment is toast.

--don

Anyone have details on this? Specifically where is it located?

From Twitter:

BuildingPHX
Adaptive Reuse in PHX, Windsor and Churn, new restaurant(s) from Postinos founder, permitted and under contruction on Central. Large patio.

Nevermind, found it..

http://www.azcentral.com/community/p...sor-churn.html

anyone know what they are building on Central, just north of Campbell, on the west side of the road?

Yes it is subsidized housing for drunks.

What John means is Native Americans (the drunks).

same thing.

I think you're wrong Don. The rights of the mortgagee in a foreclosure sale under Arizona Law gets them certain rights, but not all rights of the declarant. There is an Arizona Statute that provides what those rights are. If that mortgagee then sells the asset, that new buyer down the line is subject to the same restrictions in the CC&R's as all of the other buyers in the building, no special treatment. The CC&R's dictate how the property is treated at all times, not the previous developer who could not pay its bills (as you claim) or the foreclosing mortgagee.

^ You may be correct in terms of a strict interpretation of the statute (absent doing some research, which I'm not inclined to do), but you fail to comprehend the reality of life and the practical essence of my post - if there is no functioning HOA, then they aren't in a position to enforce anything. The existing homeowners also will be in a very poor position to enforce the CC&Rs, because they are not going to be able to show any damages. No damages = no case, unless you just have money to burn to make a point.

--don

An excerpt from an article on Phx parking meters:

This is good news, Phoenix's quarter only payment system for the parking meters is a freaking joke. Every other major city in the country seems to have some system that allows you to use credit/debit cards, I hope Phx switches to one of those systems. Making parking downtown easier by being able to pay via debit/credit can only help downtown businesses as its one less impediment to downtown shopping.

I do understand your point Don. The rights against an owner who violates the CC&R's flow to the other individual homeowners as well as the Association. Just because someone believes that they can "get away with something" does not mean that they are entitled to. The original owners of the building, many of whom remain at The Summit, deserve better than someone shoving a raw deal down their throats just because that group or person believes they are in a position to do so. Further, that building is being professionally managed and that management group is obligated to support the owners. However, I am fairly certain they were hired by the bank after the trustee sale of the unsold units, so their loyalties may be in question.

Don, when you use terms like "fail to comprehend" people find you to be an incredibly arrogant prick. Perhaps you should leave the left handed insults out of your little rants.

not like nobody could see this coming but Verde has closed effective today.

Office party tonight at the Hyatt. If you see a bunch of fairly well dressed and drunken bureaucrats, that's probably us.

Once again, putting your insults in where none was intended or implied. Gump either didn't see it or chose not to stoop to your level.

And you wonder why I try to limit my exposure to your dick-headedness.

If anyone's the arrogant one, here, it's you, Mr. I drive an Audi and work at the finest resorts in town...

--don

If I were as arrogant as you say, I'd have told you what I drive, and you wouldn't have to say the wrong make like you just did. :tup: To my knowledge, I've never told anyone what car I have unless they are talking about cars or ask directly. Cars are one of my passions, it's got nothing to do with trying to brag... generally you find out if anyone around you is interested in cars too, when you bring them up. You're the one who pointed out what I drive when I pulled up at Verde, sir. Sorry if my $11,000 car makes you feel jealous, but don't turn it around on me being "arrogant."

Sounds like pent up agression from being bullied as a childhood and a father who probably shunned your lifestyle. You prance around all over the internet reminding people how much you know, bringing up your background when it's totally off topic and inappropriate, and reminding people that they don't know as much as you think you do. I'm all for humor if you want to use it, but you just downright try to make people feel stupid. No wonder you want to be a lawyer, it will make you feel like you have a little control.

Don, you're literally the most condescending person I have ever encountered, which is saying a lot given that I am constantly around some of the most powerful business-people in this country.

At least if I'm going to point out to someone that I think they are wrong, or something is outlandishly idiotic, I try to add some humor to it rather than be just plain rude.

End of the rant.