So Mayor Phil Gordon now lives at the\r\nChateau on Central.\r\nThe \r\nChateau on Central\r\nis a couple miles north of downtown Phoenix on Central Avenue\r\nbetween McDowell Road and Thomas Road on the west side of Central\r\nAvenue.\r\n<\/p>
\r\nThe address seems to be\r\n\r\nChateau on Central
\r\n6 W. Palm Lane
\r\nPhoenix, Arizona
\r\n85003\r\n\r\nWhich makes it about halfway between McDowell and Oak Street or Encanto Blvd.\r\n<\/p>
\r\n<\/p>
\r\nSource\r\n<\/p>
\r\nPhoenix mayor is first Chateau on Central tenant\r\n<\/p>
\r\nJun. 29, 2011 08:51 PM\r\n<\/p>
\r\nAssociated Press\r\n<\/p>
\r\nPHOENIX - Phoenix Mayor Phil Gordon has become the first tenant in the upscale Chateau on Central townhome development, which had come to symbolize the crash of the nation's real estate market.\r\n<\/p>
\r\nGordon has already moved in after signing a two-year lease with an option to buy one of the units on Central Avenue in Phoenix for $1.56 million.\r\n<\/p>
\r\nThe Chateau is an ambitious attempt to bring upscale townhome living to downtown Phoenix. Each brick unit is more than 5,000 square feet with four floors, a basement and multiple terraces.\r\n<\/p>
\r\nConstruction began more than five years ago but was sidelined by the mortgage and financial crisis. The 21-unit project was halted in mid-development. The owner committed suicide. Its rear units sat for months partially without roofs.\r\n<\/p>
\r\nThe project was bought out of bankruptcy last year by a Wisconsin company. And in December, more than five years after initial construction began, townhomes hit the market for $1.4 million to $2.46 million - about half the original price.\r\n<\/p>
\r\nListing agent Joe Morales said Wednesday that a sales contract has also been signed for another unit.\r\n<\/p>
\r\nGordon is leaving his job as mayor, which pays a little more than $80,000 a year, in January.\r\n<\/p>
\r\nHe said he took about a 60 percent pay cut when he left the private sector about 15 years ago to work as chief of staff for former Phoenix mayor Skip Rimsza. His job as mayor pays 30 percent less than he made as chief of staff.\r\n<\/p>
\r\nNow Gordon, a lawyer, wants to work putting deals together that will help Phoenix develop, possibly with a group and possibly with his own company. The zoning on the Chateau property allows commercial use on the first two floors and he may use the space as he returns to private business.\r\n<\/p>
\r\n\"That's a great opportunity if I decide to do what I'm doing on my own or with a couple of people,\" he told The Associated Press.\r\n<\/p>
\r\nHe said he structured the deal as he did to avoid any potential conflicts.\r\n<\/p>
\r\n\"I'm leasing it at market, and then it goes up next year again to reflect the market, the rent, and then the purchase price,\" Gordon said. \"I think nobody will build like those units are built. There's only 21 units, so I think it's a good investment.\"\r\n<\/p>\n","contact":"","link":"","address":"","phone":"","parent_id":0,"mime_type":"text\/html","summary":"So Mayor Phil Gordon now lives at the Chateau on Central, which is just north of McDowell Road on Central Avenue. ","numcomment":0,"fileurl":"\/uploads\/","filesize":null,"article_url":"\/news\/2011\/07\/246726.php"},"attachments":[],"comments":[]}