The company that partially developed the Centerpoint high rise condos in downtown Tempe asked the U.S. Bankruptcy Court to convert its Chapter 11 filing to a Chapter 7. Tempe Land Co. LLC, stopped construction the summer 2008 because it could not obtain an estimated $75 million needed to complete the $200 million residential and retail project.
Tempe Land Co., LLC, also filed a motion for permission to sell the project at an auction.
Centerpoint was to have 375 condos in two towers. Tower I, with 22 stories, was mostly complete at the time of Tempe Land’s original bankruptcy filing. Tower II, with 30 stories, was half done.
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