Elevation Chandler back on the market

Luci Scott/The Arizona Republic Elevation Chandler has already received interest from prospective buyers.

Elevation Chandler, a sought-after location with a troubled history, is back on the market, and the broker said he already has received two offers.

The marketing campaign formally got under way last week by Cassidy Turley BRE Commercial, the brokerage hired by the property's owner, California-based Point Center Financial.

Local developers as well as out-of-staters have shown interest, and Brian Rosella, vice president of the land division of Cassidy Turley, expects international prospects as well.

Elevation Chandler is a 10.6-acre site containing a partly built hotel skeleton south of Chandler Fashion Center near the intersection of Loops 101 and 202.

"It's a very sought-after, high-profile location next to the mall, to the two freeways and to some of the bigger retailers in the Southeast Valley," Rosella said.

"Our hope is to work with the buyer to facilitate something that works not only for the buyer but for the community and the seller as well."

No price has been set.

"We're asking if somebody is interested, to submit all offers," said Rene Esparza, loan servicing manager of Point Center, which foreclosed July 1.

"We don't want to pigeonhole ourselves to a certain price and then perhaps we could have maximized more value out of it. We say bring us an offer."

Esparza has met with officials from the city and from Westcor, which owns the mall.

The one-time developer, Jeff Cline, planned a hotel - a Marriott Renaissance ClubSport - topped by two floors of luxury condos. He planned a second tower of condos, a fitness center and a garage.

Construction stopped in April 2006. Cline filed for bankruptcy protection in April 2008, and the case was dismissed in June this year as a failed bankruptcy.

A hotel won't necessarily be built there. The land could house offices, a large destination retailer or rental apartments if they're part of a mixed-use project, said Christine Mackay, Chandler's director of economic development.

A lawsuit over the property has yet to be resolved, and it's unknown how much that will affect sales activity.

Phoenix real estate investor Tom Peltier claims he won the property for a million dollars at a trustee sale June 15, 2009. He sued and lost in Maricopa County Superior Court and then appealed. A decision by the Appeals Court is expected in a few months.

For his part, broker Rosella said he expects buyers will be interested not so much because of the down market that promises bargains but because of the prime location and because it's in Chandler.

"The buyer will be somebody who has vision and an understanding of what it can be," he said. "They will not be looking at the marketplace as it is today but will be looking out over the next few years and realize the potential."

This time around, owner/lender Esparza said, he wants a buyer with the background and stamina to carry the project through.

"We want somebody to take it to the finish line, somebody with a track record."

by Luci Scott The Arizona Republic Dec. 6, 2010 07:17 PM




Elevation Chandler back on the market