Upon looking at the beautifully luxurious brick of the Chateau On Central, often described as an “urban mansion along a commercial street,” one would never guess that it wasn’t always the head-turner it is now.
With a past stricken by the nation’s turbulent housing collapse, the Chateau On Central once stood, roofless and bare, devoid of any real promise of a future. It’s a far cry from the newly renovated basements that now convert into wine cellars, and the roomy patios fit for a wave-jet pool.
Embarked upon in 2005, the Chateau began to rise for two solid years of construction, until it felt the sharp bite of the housing crisis. The original developer, Central PHX Partners, sought bankruptcy, and the Chateau fell into the committed hands of Mortgages Ltd.
The company began to refinance the project, and the Chateau’s future seemed once again bright, until the devastating death of owner Scott Coles. Construction was immediately halted.
It wasn’t until MSI West Investments – a subsidiary of a food products company Main Street Ingredients, who had never before dabbled in real estate – stepped in that the Chateau had, yet again, a chance.
And this one proved to be the real deal.
After spending $7 million to retrieve the property from its previous state of liquidation, CEO Dave Clark began to clean it back up again.
Broker Joe Morales then signed up to market the property, bringing with him deluxe Viking appliances and a goal of selling to a pool made up of executives, owners of law firms, and professional ball players.
Some might say that it may be difficult to find people who want to live downtown and pay the Chateau’s high cost of living.
But as the confident Morales says, “The unique niche that we fill is somebody looking for a luxury lifestyle, size, and a central corridor location with low maintenance.”