West 6th Tempe, Formerly Centerpoint Towers, Ready for Residents to Move In On Monday
By: Phoenix News Times
Six years after construction began, and following nearly three years of inactivity, one of the towers at Sixth Street and Maple Avenue in Tempe will welcome its first residents on Monday.
The project began in 2005 as the overly ambitious Centerpoint Condominium towers, a brainchild of developer Ken Losch and his partners at Avenue Communities/Tempe Land Company. As New Times detailed in a 2009 feature article, "Concrete Bungle," work on the tallest buildings in the East Valley stalled in July of 2008 as the economy crashed. Besides the recession, though, the project suffered from a partnership with the unconventional lender Mortgages Ltd., run by millionaire playboy Scott Coles.
The condo towers were the lender's biggest single project, and Coles committed suicide on June 1, just hours after Losch called to tell him that Tempe Land Company planned to file for bankruptcy. For the next two-and-a-half years, the towers sat unfinished in Tempe as dark, hulking reminders of the bad economy.