The Camelback parcel that was once eyed by New York City developer Donald Trump and partner will be up for sale.
The property, which was once home to Hard Rock Café, Just for Feet, and Blockbuster Video, will be sold at an auction on August 18. Found east of Camelback Esplanade at 24th and Camelback Road, the boutique retail space was repossessed by lender Hypo Real Estate Capital Group (Germany’s Hypo Real Estate Bank AG New York subsidiary) when borrower defaulted on $36 million note. The exclusive listing was awarded to local brokerage Cassidy Turley BRE Commercial.
The said property is most known for being the battleground of a 2004-2005 war between Donald Trump and neighborhood residents. Trump and partner Bayrock Group envisioned an 18-storey luxury condo-hotel on the 5-acre site. Residents won the battle when the city of Phoenix denied the proposed height and density of the project.
When Bayrock defaulted on the note and walked away from the project, entitlements for a maximum 75 feet and 550,000 square feet developable spaces were approved. The approval came with restrictions, though.
Despite these, interest over the property came from across the country. With its sale, bids are sure to be flying. Since the property is to fall under contract by September 6, Cassidy Turley and the bank will speed up the sale process.
After the auction, the best bids will be shortlisted by Cassidy Turley and the bank. After a list is finalized, they will ask for even better bids. The bid will be awarded to the one with the greatest amount of cash with the best plan, shares Cassidy Turley executive vice president and head of listing team Don Arones.
Even with the dispute against Hard Rock, closure of Just feet, and downsizing of Blockbuster, the Camelback property remains a premium site says longtime broker and Colliers International senior VP Phil Breidenbach. A local party is set to win the bid, predicts former Phoenix mayor Paul Johnson.
Decision on who will eventually own this Camelback property will be made by the end of September.