Half-finished Chandler high rise has potential buyer - East Valley Tribune: East Valley Local News

Half-finished Chandler high rise has potential buyer

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Posted: Tuesday, September 25, 2007 5:02 pm | Updated: 5:48 pm, Tue Jun 11, 2013.

Elevation Chandler, an unfinished 15-story luxury condo and hotel high rise near Chandler Fashion Center, has a potential buyer.

City officials and a broker handling the property said the developer, Jeff Cline of Signature Properties West, is entertaining talks with at least one party interested in purchasing the property.

Don Brigham, executive vice president and designated broker at Coldwell Banker Commercial in Phoenix, said Cline is entertaining negotiations from multiple parties but wouldn’t say if he was close to striking a deal, nor would he specify a time frame when one could be reached.

“I can’t tell you anything,” he told the Tribune.

Work on the project has stalled for more than a year and residents have complained that the building is an eyesore. In March, the Tribune reported that Cline was selling the development, which includes a partially built tower and 10.5 acres of land next to the mall, for $42 million to $58 million.

Brokers require prospective buyers to sign confidentiality agreements forbidding them from discussing the development.

Unpaid contractors filed $5.8 million in liens against the property last year. Cline settled the liens and a threatened foreclosure after securing a $25 million bridge loan in late 2006. Cline, who was unreachable for comment, put the property up for sale in early 2007.

Mark Pentz, Chandler city manager, also confirmed Cline found a party who is interested in the property but wouldn’t disclose who it is.

Pentz also declined to say whether the building will house a hotel and condo.

“I can’t really talk about that,” he said.

James Smith, an economic development specialist with the city, said he hasn’t been informed on the status of the building or the potential buyer’s intentions with it.

“Jeff Cline has been … tightlipped with everybody,” he said.

Smith said the building has not been a liability to the city, despite complaints that it’s an unsightly nuisance. The skeletal structure of the incomplete building, which has been the target of graffiti vandals, can be clearly seen from the Loop 101 and 202 freeways where it’s located.

“I don’t think that it reflects on the city,” he said.

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