Centerpoint Towers to Become Lofty Apartment Complex Following Sale to Cleveland Company

Zaremba Group, the Cleveland company that bought the unfinished Centerpoint towers in Tempe for $30 million this week, plans to rent out the units once planned as condominiums.

The real estate company's Scottsdale office hasn't returned our call yet, and the guy from Cleveland who knows something, Zaremba president Joe Urbancic, is still in an airplane on his way home from the Valley, the Cleveland office says.

Meantime, the Phoenix Business Journal quoted Kent Chantung of Zaremba's local office as saying both towers and the ground-floor retail space will be finished by next summer.
"We will market predominantly to students and upper classmen and anybody else who wants to live in a great environment like Tempe," Chantung said.

The sale is expected to close no later than October 15, and Chantung expects construction activity to begin then.

The previous developer, Tempe Land Company, estimated that completing both towers would cost $75 million. Zaremba's apparently got the dough. And it's experienced at building apartment complexes.

So Centerpoint won't be as fancy as Ken Losch, one of the original developers, thought it would be. But at least a few lights will be on in the towers.

At first, probably, very few. With both towers complete, that'll be about 375 units to fill. Coming soon to the towers, we predict: A giant "move-in special" banner.