Centerpoint project sold; summer debut planned

The delay-plagued Centerpoint residential complex has been sold, with the buyer pledging to immediately resume construction on the two luxury high-rise buildings, convert them to apartments and complete the project so that tenants can start moving in beginning in late summer. Zaremba Group, a Cleveland-based developer, paid $30 million for the project in a deal with ML Manager LLC of Peoria that closed Friday. Zaremba will give the project a new name, West Sixth, to reflect its location just west of downtown Tempe. ML Manager is the successor to initial lender Mortgages Ltd., which had extended $135 million in financing on the project. ML Manager was formed to dispose of and maximize the revenue potential from bankrupt Mortgages Ltd.'s remaining assets. Zaremba had announced plans to buy the project last year but backed out over legal issues focused around liens placed on the property by unpaid contractors. The twin high-rise project at 111 W. Sixth St. broke ground in 2005, with developer Tempe Land Co. intending it as a high-end condominium complex featuring an upscale retail plaza, restaurants and a winery. When the developer defaulted, the project was taken over by ML Manager LLC and lingered in an incomplete phase, with nearby businesses and residents complaining that it had become an eyesore.

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