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CHANDLER, AZ-Elevation Chandler, a multi-million-dollar condominium and luxury development launched with a bang in 2005 went out with a whimper as no one showed up at its recent trustee sale. An article in the Arizona Republic says mortgage holder Point Center Financial will likely take control of the asset, which has been a see-through for more than three years.

Developer Jeff Cline has struggled with financing for the 10-story, 10.6-acre project at the intersection of state highways 101 and 202 since April 2006. In late 2006, Cline obtained a short-term bridge loan to help jump-start the project. However, experts have suggested that Cline entered into the condominium market about six months too late.

In April 2008, Cline filed for Chapter 11 bankruptcy protection. The Republic article says that at a hearing in early June in United States Bankruptcy Court, District of Arizona, Cline said he had several prospective buyers. At that time, Judge Sarah Curley decreed a lender had to commit a non-refundable $500,000 within a two-week period, and another $9.5 million within the following month for the asset not to to on the auction block. The first half-million never arrived, which led to the public auction.

The question now becomes what to do with the see-through, which has been left to the elements for more than three years. A source with the city of Chandler recently told GlobeSt.com that the city has little control over the property. The only thing the city can ensure is that the site isn’t a hazard to the community.

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