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
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