The company that was developing Century Plaza in downtown Phoenix on Central Avenue from an office building into residential condominiums has filed for bankruptcy. Windsor Century Plaza LLC was put into bankruptcy this week by its parent Equus Realty LLC. The property is located at 3225 N. Central Avenue in Phoenix.
A great idea when this was conceived, as has happened with most recent condominium projects in Phoenix, the massive downturn in sales made the success of Century Plaza impossible. M&I Bank was the construction lender and is the sole secured creditor listed in the bankruptcy. The largest unsecured creditor is the general contractor on the project, Summit Builders.
Equus' website for the project can still be viewed here. The story from the Republic can be read here.
A great idea when this was conceived, as has happened with most recent condominium projects in Phoenix, the massive downturn in sales made the success of Century Plaza impossible. M&I Bank was the construction lender and is the sole secured creditor listed in the bankruptcy. The largest unsecured creditor is the general contractor on the project, Summit Builders.
Equus' website for the project can still be viewed here. The story from the Republic can be read here.
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