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PHOENIX-A group of Canadian investors are poised to rescue the faltering WilloWalk loft project Downtown after its developer pulled out, leaving the highly touted redevelopment project half built.

According to real estate documents on file with the city, two groups of Vancouver-based investors who share the same general partner, GDC Development Corp., plan to buy both WilloWalk and a Mesa condominium project, Superstition Lakes, that were scrapped in April when Canadian-based developer United Properties pulled its money out of both projects. A third United Properties project, the Bridges at Ocotillo, two 70-unit buildings at 705 W. Queen Creek Rd. in Chandler, is also up for sale. A fourth United Properties complex in Tempe will be completed with financial backing from Valley developer Geneva Holdings.

The 275-unit WilloWalk, a group of three seven-story buildings located at Central Avenue and Encanto Boulevard in the city’s historic Willo District, had been hailed by the city for its redevelopment potential. United Properties voluntarily suspended sales of the units, priced at $135,000 to $500,000, after the Arizona Department of Real Estate revoked the license.

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