Sunday, February 9, 2014
Minn. developer buys Hotel Monroe in downtown Phoenix for $7.85 million
The historical building known as the Hotel Monroe has been sold to a Minnesota-based developer.
The vacant former bank headquarters in downtown Phoenix, built in 1931, recently was purchased for $7.85 million by the Minneapolis-based CSM Corp., according to Vizzda, a Tempe-based commercial-real-estate research firm.
The 12-story tower at Central Avenue and Monroe Street has been mired in bankruptcy and foreclosure proceedings. Developer Grace Communities bought the building in 2005 and planned to transform it into a 150-room boutique hotel. Grace took out a $27 million loan with now-bankrupt Mortgages Ltd. to renovate the building in 2007.
Read more...Minn. developer buys Hotel Monroe in downtown Phoenix for $7.85 million
Reuters: Business News
National Commercial Real Estate News From CoStar Group
Latest stock market news from Wall Street - CNNMoney.com
- ► 2017 (49)
- ► 2016 (145)
- ► 2015 (146)
- Fed Misread Crisis in 2008, Records Show - NYTimes...
- What's ahead for small businesses in 2014? - Newsd...
- Retirement is eluding some blue-collar workers in ...
- Downtown Scottsdale sees boom in multifamily housi...
- Brewer says Arizona financially sound again, but l...
- Credit-score tips for Arizonans working to ease de...
- Commercial real estate set to heat up in Phoenix a...
- Program helping owners fix up homes
- Scottsdale-based builder reimagines housing for Ba...
- Jeffrey Gundlach's 2014 Outlook - Business Insider...
- Housing market shifts back to metro Phoenix’s core...
- Minn. developer buys Hotel Monroe in downtown Phoe...
- New Boomer community rethinking life after 55
- Senior Urban Housing Development Opens | KJZZ.org
- Deal on land in downtown Surprise OK’d
- ▼ February (15)
- ► 2013 (395)
- ► 2012 (392)
- ► 2011 (704)