Phoenix | X Phoenix | 320 FT | 25 Floors

[Centralworks]

Originally Posted by TJPHXskyscraperfan

Wow, that is terrible news. So we get to look at a half built building for what another five or ten years?

Just like One Camelback. I see it at least 2 time a day.

[ASU Diablo]

Originally Posted by IndyAZ

Unfortunately, it sounds like Clayco is starting to file letters of foreclosure since it doesn't sound like financing has come through and they haven't received payment, and they will be demobilizing everything from the site. So those workers were probably just inspecting what needs to be done to execute that process, so I would assume the crane comes down soon as well.

Well that's a bummer. Thanks like always for the inside info.

[TJPHXskyscraperfan]

Yeah One Camelback is even worse, that one looks all but done. They even filled their pool. Their website has all their apartments to look at, says available January 1st 2025? Does anyone know what’s going on with that one BTW?

[CrestedSaguaro]

Egad. I always hated this project. Now I am going to hate it more.

[Obadno]

Originally Posted by CrestedSaguaro

Egad. I always hated this project. Now I am going to hate it more.

Same its a hideous monstrosity

[ChaseM]

It has transformed from an eyesore to an even bigger eyesore—what a delightful development!

[TllrSkyline-01]

Originally Posted by CrestedSaguaro

Egad. I always hated this project. Now I am going to hate it more.

Exactly - skyline nightmare. I hope court proceedings can find another investor to buy it out and finish it. The original design was bad to begin with, and now we are looking at a terrible eyesore. If ASTRA goes up, it may cover up the view from I-10...IDK.

[TJPHXskyscraperfan]

It looks like they are taking pieces of the top floor down? Maybe trying to get some money for some of it?lol

[CrestedSaguaro]

I saw that yesterday. I think they are removing construction supplies and equipment. I wonder if the crane will come down?

[TJPHXskyscraperfan]

It seriously looks like they are taking the building down,lol. Anyone think they might just leave the parking garage part and charge for downtown parking?

[Obadno]

Originally Posted by TJPHXskyscraperfan

It seriously looks like they are taking the building down,lol. Anyone think they might just leave the parking garage part and charge for downtown parking?

I would not cry if they took it all the way down.

[builder03]

They are completely demobilizing. That means anything that is not permanent or finished is coming down, at least structurally speaking. Heard from my Suntec source that the crane is coming down this weekend.

[muertecaza]

Clayco apparently was just granted an unopposed request for judgment in the amount of ~$40m:

https://azbex.com/planning-development/court-issues-summary-judgment-in-x-phoenix-case/

Eventually, they'll likely request a sheriff's sale of the property to pay the judgment. What a cluster.

[builder03]

Originally Posted by muertecaza

Clayco apparently was just granted an unopposed request for judgment in the amount of ~$40m:

https://azbex.com/planning-development/court-issues-summary-judgment-in-x-phoenix-case/

Eventually, they'll likely request a sheriff's sale of the property to pay the judgment. What a cluster.

I believe the land is owned by the City of Phoenix, which I'm sure only further complicates the situation.

[combusean]

The city owns the land through a GPLET which is leased to the developer who owns the improvements. Shouldn't affect a foreclosure.