Current news for this company:
Avenue Communities - Arizona condo developer
Arizona-based condo developer Avenue Communities has filed for Chapter 11 bankruptcy protection according to azcentral.com. The filing primarily effects the Centerpoint condo development in Tempe, which remains incomplete. According to the article:
It seems that Mortgages Ltd.'s own bankruptcy has caused a number of problems not only for Avenue Communities, but also for other projects that were relying on financing from Mortgages Ltd. to be completed.
If you can provide any additional information regarding Avenue Communities and the Centerpoint development in Tempe, Arizona, please let us know!
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Important: This company is on our list of builder operations that have "imploded" (see also ailing lenders). This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid declines in enterprise value; or abnormal "bail-out" by corporate parents or peers in order to continue to operate. The builders may be residential or commercial.