The long saga of the construction of Tempe�s tallest residential towers, begun in 2005, may soon reach its final chapter after this week�s ribbon cutting for the project�s new leasing office. Formerly Centerpoint Condominiums, the two-tower development in the heart of Tempe�s Mill Avenue district was recently re-christened West 6th Tempe to signify a switch from condos to rentals, and construction crews have been back at work for several weeks.
Work had been stalled for more than two years while convoluted bankruptcy and legal battles played out, stemming from the collapse of original lender Mortgages Ltd. of Phoenix. Finally last month, Cleveland, Ohio-based developer Zaremba Group won the bid to purchase the property for $30 million from ML Manager, the successor to Mortgages Ltd. It was a far cry from the $135 million that reportedly had been spent on the project up until it was shut down in 2008.