AZ Cental – Investors buy Century Plaza condo tower

by J. Craig Anderson – Feb. 1, 2010 01:26 PM
The Arizona Republic

The Century Plaza high-rise condominium tower’s new owners are hoping to see the award-winning but financially embattled former office building in Phoenix enjoy the success that has eluded it for nearly two years.

An investment partnership led by Canadian developer Macdonald Development Corp. said Friday that it has purchased the 17-story project for an undisclosed sum.

After opening in mid-2008, Century Plaza ran into financial trouble almost immediately.

The project’s construction lender, M&I Thunderbird Bank, had placed the property in receivership by December 2008, and developer Equus Realty LLC filed for voluntary Chapter 11 bankruptcy protection in August.

Equus had sold only 14 of the 145 units, and the building’s estimated value was $19 million.