Release Date: Tuesday, August 2nd 2011

Tempe condiminium tower finally welcomes residents

by KTAR Newsroom

What once was a glaring mark of the recession in downtown Tempe will soon be seen as the center of a vibrant downtown.

According to the East Valley Tribune, West 6th, formerly known as the Centerpoint Condominiums, opened its doors to about 250 residents on Monday.

The towers in downtown Tempe rode through the worst recession in decades, standing unfinished and highly noticeable to any visitors. The new owner, the Zaremba Group, are prepared to not only bring in three restaurant tenants in the first tower, but also finish the second tower and begin leasing those condominiums as well.

"This is in fact tangible evidence of recovery in Phoenix," [said Kent Chantung, spokesman for the Zaremba Group].
The first round of tenants are college-aged students, but the second tower is attracting older clientele, the group said.

The project took about six years -- including a bankruptcy, a foreclosure and a failed sale -- to complete.