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Old 10-19-2010, 11:28 PM
 
Location: Historic Central Phoenix
652 posts, read 2,711,054 times
Reputation: 385

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I noticed tonight that the 44 Monroe Condominium Tower was all lit up with lights on on every floor. I've never seen it with more than a few lights on from the units that sold before it went into bankruptcy protection.

Does anyone know what's going on with it or why it is all lit up? I've attached a picture I took tonight, it's the tower with the green arrow pointing at it.

Attached Thumbnails
44 Monroe Condo Tower all lit up-dsc02361.jpg  
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Old 10-20-2010, 09:16 AM
 
3,819 posts, read 11,937,252 times
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I noticed that last night as well (went to Cibo for dinner). I have heard that they have started selling united again (the whole building was in bankruptcy/foreclosure or something along those lines) so maybe that's why it's lit up, to get people's attention?
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Old 10-20-2010, 09:18 AM
 
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By the way, do you live there in the apartments at Central/Roosevelt/Portland? I love Portland St, has a great vibe to it.
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Old 10-20-2010, 10:38 AM
 
Location: Historic Central Phoenix
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Yeah I just moved here a few months ago. I love the area also.
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Old 10-20-2010, 10:44 AM
 
Location: Historic Central Phoenix
652 posts, read 2,711,054 times
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I'm looking on weknowurban.com and although it isn't real detailed or up to date, I found some info:

Posted 09/08/10
Quote:
word is that sales will re-commence at 44 Monroe late 2010. Stay tuned here and we'll let you know as we learn more.
Posted 07/05/10
Quote:
In Fall of 2009, Starwood purchased the note secured by 44 Monroe. Late May 2010, Starwood successfully took ownership of the high rise itself. We have heard two different prices for the asset, $10M and also $20M. If the $10M number is correct then they got a really great deal at $54,000 per condominium. This leads me to believe that the price was the larger number of $20M.

Its our understanding that the new owner intends to sell, not rent, the properties. We have not heard any sales prices yet but I'd expect them to be about 50% of what they were originally. If I'm right then we might see prices in the very very high $100k's for one bedroom condos and very high $200k's or low $300k's for two bedroom condos. Such prices would be competitive with condos at One Lexington.

Prior to the previous developer going under, HOA prices were $.52 per square foot which included satellite television, high-speed internet, local and long distance phone service, and chilled water for air conditioning. We don't know what the fees will be when sales start up again but I suspect that they will be very similar.
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Old 10-20-2010, 11:08 PM
 
Location: Tokyo (but will always be) Phoenix, Az
932 posts, read 1,962,902 times
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I heard that they'll be doing model condos later this year when the building officaly reopens with sales. I hope that the delay the economy has got some people thinking twice about using their money guzzeling vehicle to travel 30 miles everyday to work and they look at the inner city, specifically downtown Phoenix. I plan on buying a unit in 44 Monore as well. Go to this website, should be the first blog story. This is as of October 18th. Downtown Phoenix Real Estate and More
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Old 10-21-2010, 07:09 AM
 
2,324 posts, read 7,620,367 times
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Does anyone know what happened to Hotel Monroe? This was the old Professional Building on Central. They were restoring the lobby to original Art Deco but stopped with the mortgage scandal and ran out of promised funds.
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Old 10-21-2010, 08:41 AM
 
Location: Historic Central Phoenix
652 posts, read 2,711,054 times
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I saw some news on the Hotel Monroe a few weeks ago on the Arizona Republic and it basically said that the original development plans weren't going through but the owners were going to sell the property and that there was interest from developers.

Unfortunately I cannot find the article anymore.

I looked last night and 44 Monroe wasn't lit up anymore, just the few units with residents in them.
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Old 10-21-2010, 08:54 AM
 
Location: Historic Central Phoenix
652 posts, read 2,711,054 times
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That website is very informative, PHXguy - looks like a lot of the stalled real estate projects are getting going.
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Old 10-21-2010, 02:35 PM
 
3,819 posts, read 11,937,252 times
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Quote:
Originally Posted by roosevelt View Post
Does anyone know what happened to Hotel Monroe? This was the old Professional Building on Central. They were restoring the lobby to original Art Deco but stopped with the mortgage scandal and ran out of promised funds.
The building got foreclosed on and now has a new owner who is trying to sell it as a hotel, office or condo project to someone. Apparently there is quite a bit of interest, they recently had an "open house" and it went well. Hopefully someone will buy it and finish it up as a hotel or condos.
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