Elevation Chandler project to be auctioned - East Valley Tribune: News

Elevation Chandler project to be auctioned

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Posted: Thursday, October 23, 2008 5:17 pm | Updated: 5:48 pm, Tue Jun 11, 2013.

Elevation Chandler, a 15-story condominium and hotel project that never fully materialized near Loops 202 and 101, will be auctioned.

Elevation Chandler still grounded

Marcus and Millichap was chosen by the U.S. Bankruptcy Court to coordinate registration of prospective buyers and provide them with information on the property, near the Santan Freeway stretch of Loop 202 and Price Freeway stretch of Loop 101.

Unfinished developmentChandlerDetail1/2 mi202101Scott Kirchhofer/TRIBUNEPrice Rd.Dobson Rd.McClintock Dr.Pecos Rd.Frye Rd.Ray Rd.Chandler Blvd.Chandler Fashion Center

Richard Holway, the firm's senior vice president of investments, said the market will determine the wining bid, but he expects it to be substantially less than the $66 million the developer owes to borrowers.

"For me to put a price on it would be a guess," he said. "Each different buyer-developer that looks at the site is going to have a different use for it, and they're going to assess it differently, and they're going to put a different value on it."

He said there have been offers on the property, but he declined to say how many.

The date of the auction will be determined by the court, he said.

The skeletonlike tower has sat idle for more than two years, to the chagrin of residents and city officials.

Elevation Chandler's developer, Jeff Cline of Signature Properties West, didn't return a phone call seeking comment.

Holway anticipates the project's total construction cost to range between $250 million and $350 million.

Although the building's bare bones have been exposed to the elements for over two years, he said there was no damage.

But Jeff Kurtz, the city's planning and development director, said the city will require a structural analysis to move forward.

"More time has passed, so we're going to need to reissue building permits on it, and part of that process will be to take another look at the structural integrity of it," he said.

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