Developer to restart downtown Chandler townhouses

. He has been called a visionary whose renovations of historic buildings helped spur revitalization of downtown Chandler. But Neils Kreipke didn't foresee one of the nation's worst recessions when he started building luxury central-city townhouses in 2007 months before the housing bubble burst. Now Kreipke said the tough years appear to be over; his development company, Desert Viking, will start construction next month on the final phase of the 79-unit San Marcos Townhomes southwest of Arizona Avenue and Chandler Boulevard. They'll look exactly like the first ones sold nearly four years ago for $350,000 to $450,000 but these will be about half the price: $189,999 to $239,000. Under a 2004 agreement in which the city gave Kreipke some of the land and spent more than $2 million on utility improvements, he was required to continue building according to his original plans. Last week the City Council convened a special meeting to revise that agreement so Desert Viking could refinance before building the last 22 units. The approval is a technicality, officials said, required by the lender because Chandler retains a lien on the land until the units are built and sold.

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