The two towers that have darkly stood on downtown Tempe’s skyline will soon be full of life after being purchased by Zaremba Group.
The Cleveland-based developer finalized the sale of the Centerpoint towers Friday, spending $30 million on the unfinished condominiums with plans to rename the towers West Sixth and turn them into 375 luxury apartment homes.
The towers are located near South Maple Avenue and East Seventh Street.
Zaremba Group had previously looked into purchasing the towers last September but backed out in early November because of complications with Fidelity National Title Insurance Company, the title insurer involved in the deal.
Angie Miller, the director of personal relations at The James Agency, Zaremba’s personal relations firm, said that the acquisition of the towers was complex and involved a lot of players, but the group was finally able to clear all the obstacles to complete the purchase.
Downtown Tempe Community President Nancy Hormann said Zaremba’s purchase of the towers will have a positive impact on the economy of the downtown Mill Avenue district.
“Retail follows rooftops,” she said. “You need a critical mass of people living in an area to create retail. The completion of these towers is something we’re very happy about.”
She said it would have been preferential for the towers to remain condominiums, thus bringing more money to Tempe through property taxes.
However, she said the community is happy just to have any kind of residents living in the towers, as opposed to them remaining vacant.
“Any people [moving into the area] is good in this economy,” she said.
The decision to change the luxury condominiums into apartments was based on the state of the economy, Miller said.
“It’s not the best timing for a condo market,” she said. “But they will still be offered as luxury living spaces.”
Construction will begin immediately to make the first tower ready for residents by August and the second tower ready by December, Miller said.
The towers are being divided into two separate phases.
Phase I, opening Aug. 1, will be a 22-story residential tower offering retail and restaurant space on the ground floor.
Phase II, opening in December, will be a 30-story residential-only tower.
The prices and rental dates, as well as the restaurants and shops being offered in Phase I, will be announced in the coming weeks, Miller said.
Though the towers’ move-in dates correlate with ASU’s fall and spring semesters, Miller said the towers aren’t specifically being marketed toward students.
“They’re for anyone looking for a ridiculously central location in an urban environment,” Miller said.
Reach the reporter at danielle.legler@asu.edu
