Ariz. high court may weigh Chandler site

The Arizona Supreme Court has been asked to get involved in the feud over who owns Elevation Chandler, the abandoned 10.5-acre construction site near Loops 101 and 202. The dispute has ramifications for all trustee sales in Arizona's commercial real-estate industry, appellants say. California-based Point Center Financial, the lender that foreclosed, and TD Service Company of Arizona, the company that held a flawed trustee sale, have asked the Supreme Court to review the state Court of Appeals' decision that favored Tom Peltier of BT Capital, a Phoenix foreclosure speculator. BT Capital claims it won the property for $1,000,001 at a trustee sale on June 15, 2009, but TD Service and Point Center disagree. Elevation Chandler, on the southern edge of Westcor's Chandler Fashion Center, was to have been a high-rise luxury hotel topped by condominiums. Developer Jeff Cline of Scottsdale had visions of building a second tower of condos, as well as a parking garage and a fitness center.

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