Bidder for long-stalled Centerpoint Condominiums to be selected early next week

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TEMPE, Ariz. -- A development that was supposed the Tempe skyline has turned into an eyesore. The Centerpoint Condominium project, which stalled about two years ago after the developer went into bankruptcy, could soon begin moving forward again.

There were originally 300 bidders to take over the project. That number dropped to 75, and then again to 10. Now it's down to three

As Javier Soto explains, a bidder will be selected as soon as Monday or Tuesday. That bidder will purchase both the 22-story tower and the 30-story tower next door. While the smaller tower is nearly complete, the larger one, which is the tallest tower in Tempe, still needs extensive work.

The towers were available at a foreclosure auction a couple of months ago, but failed to sell. The project was slated to open in fall 2008, but construction was stopped after Mortgages Limited was forced into bankruptcy.

The 375 luxury residential units were supposed to boost the Tempe economy.