This development seemed to doomed from the start, but you would never guess that judging by how quickly all of the 189 apartments of tower one filled their leases. The ambitious plan to build two high rise condo towers, to be the tallest buildings in Tempe, began in 2005 with construction grinding to a halt in 2008 admist the real estate meltdown and collapse of the economy. In the summer of 2008 the project again made news headlines, though this time for the wrong reasons. The project financier, whose largest single investment was Centerpoint, committed suicide one day after the developer, Tempe Land Company, notified him of their intent to file for bankruptcy.
A dark cloud hung over the site as construction halted and investors looked for a way out of their $180 million dollar investment. A foreclosure auction in 2009 did not bait even a single bid from any interested investors. Then in Fall 2009 negotiations fell apart days before a sale was supposed to close. Thankfully in February of this year Zaremba Group purchased the project for a discounted price of $30 million. With new ownership taking the reigns, the condo idea was scrapped in favor of turning the whole project into apartments, and renamed the project “West 6th” for its location on West 6th Street.
Tower one, with 22 stories and 189 units was the first to have construction finished and quickly leased out. Tower two, with 30 stories will be mixed use with a movie theater and retail stores on ground level, and is scheduled to be completed by the end of this year and is already accepting leases.
Studios- $945 a month
1 bedroom – $1,175
2 bedroom – $1,550
3 bedroom – $1,995
Utilities of gas, basic cable, and high speed internet are included in the rent.
Visit the official West Sixth Tempe website for more information
Both towers have amazing amenities. Each tower has a state of the art fitness center complete with several cardio machines, free weights, yoga room, fitness lounge, sauna, tanning beds and locker rooms. Also included is a resort style swimming pool with cabanas, fire pits, bbq’s, and spa. Residents will also have access to a business center, game rooms, and a private movie theater.
I remember watching these towers being built years ago and thinking how much of a huge potential they hold to continue revitalizing the urban cores of the valley and help us rethink developing our cities sustainably with increasing density rather than sprawling into the edges of the desert. This development is an awesome addition to Downtown Tempe and Mill Avenue and I’m excited to see all the positive changes it will bring about, and now hopefully serve as a symbol of a recovery from the recent economic meltdown.
Fantastic views of Phoenix and Tempe from nearly every apartment, quality interior finishes, top-notch amenities, and being steps away from Mill Avenue and the Valley Metro Light Rail only make me wish I was back in college at ASU and had the opportunity to live there.
