A project to convert a former bank building in central Phoenix into luxury apartments has hit a series of roadblocks after the developer defaulted on its loan.
Catch up quick: Developers have spent years renovating the former BMO Harris bank tower at Central Avenue and Camelback Road to become a luxury apartment called One Camelback.
The developers initially projected it to open in the first half of 2021.By last November, they were eyeing an opening in the first quarter of 2023.
Lender Delphi Financial Group moved to foreclose, and an auction is now scheduled for Nov. 21.
Zoom in: Dale Phillips, founder of Stellar Properties, One Camelback's development consultant and leasing management company, told Axios Phoenix the project will presumably move forward once there's a new owner.
One Camelback's website still states that many apartments will be available starting Nov. 30. Phillips said that date should be disregarded.
The intrigue: A court-appointed receiver for the property asked the court to delay the auction until a comprehensive review of the project can be completed, while Delphi wants the auction to take place as scheduled, the Phoenix Business Journal reported last month.
That's partly fueled by an increase in office vacancies combined with a high number of people who continued working remotely after the pandemic abated.
Of note: Attorney Jacob Maskovich, who's listed in court documents as a trustee for the property, told Axios Phoenix he couldn't comment because it's an ongoing legal matter.
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