Just got a press release announcing the sale of Chateau on Central… the luxury brownstones at Central and Palm Lane. As most of you know, this project received a dooming blow with the death of Scott Cole and fall of Mortgage, LTD. I’m not sure it wouldn’t have failed anyway due to prices in the 2.8 to 5 million range… certainly uncharted territory for downtown.
My hope is that the new owners, MSI West Investments, focus on making these units more affordable and thus, saleable. We certainly don’t need another high-priced and empty project in our area.
Below is the press release as it came to me. If you have thoughts on the subject, post a comment and add to the conversation… the UrbanConnection is about community and conversation.
Online PR News – 25-March-2010 – PHOENIX, ARIZONA, Tuesday, March 23, 2010 –
One of Phoenix’s most visible and prestigious real estate projects, Chateaux On Central, located along the Central Corridor near downtown Phoenix, was purchased by MSI West Investments LLC in a closing filed on Friday, March 12, 2010. The outstanding debt on the development at the time of purchase is estimated at $40 million. This acquisition marks a major milestone in the development along the Central Phoenix Corridor.
The high profile Chateaux On Central, originally priced from $2.8 million to $4.5 million, is among the most ambitious ultra-luxury residential projects in the area. While exteriors and certain development features are close to completed, there is much to be done on the interiors, which may provide buyers the opportunity to customize certain floorplans. The new ownership group is looking forward to unveiling plans for the development in coming weeks, including announcements regarding timing and pricing.
“We’re incredibly humbled and truly honored to have the opportunity to acquire the Chateaux On Central development,” said Bill Schmitz, President of MSI West Investments. “We are very aware that the eyes of the community have been focused on this project for quite some time, and that, with the acquisition, comes a tremendous responsibility to provide a top quality development. We are eager to meet with City officials and key members of the downtown community to share our plans and become a significant contributor to their growing success.”
Situated along the Light Rail’s Central Avenue line at Palm Lane, the Chateaux On Central is conveniently located just minutes from downtown Phoenix. There is still much work to be done at the Chateaux On Central. This upscale urban development consisting of 21 brownstone homes, ranging in size from 5,200 to over 8,000 square feet, is sure to be a focal point of the community, as its unique profile design is destined to become an iconic building in the heart of Phoenix.
MSI West Investments LLC is a subsidiary of Main Street Ingredients of La Crosse, Wisconsin, a leading provider of functional food products and technical expertise to the food industry. Their desire to create new opportunities for additional successful business models led to their entry into the real estate market.
“Our goal is to continue our established tradition of success, while becoming responsible partners in the City’s desire for first class development,” said Schmitz.
“We also see this as so much more than a traditional residential development, but as an opportunity to be a leader in the City of Phoenix‘s emerging position in green and sustainable building and construction,” said Schmitz.
“We’re excited to showcase the extraordinary vision for this amazing development,” said Joe Morales of Arizona Realty ONE Group, who facilitated the acquisition, and has also been selected by the MSI West Investments team to manage the sales and marketing for the project.
“We were looking for a team with the energy, tenacity and expertise to move our vision forward for this development. Joe’s genuine passion, integrity of purpose, and out-of-the-box thinking were immediately apparent, making Joe and his team an easy choice for us,” noted Schmitz.
Morales, quickly emerging as a leader amid a new generation of top luxury home professionals, enthusiastically added, “I love everything about this project.”