Another project created by the royal rulers of Tempe to turn Mill Avenue into the Tempe Royal Courtyard goes under - the webmaster
Mill Brickyard is purchased by Bank One
By Alia Beard Rau
The Arizona Republic
Dec. 5, 2002
TEMPE - The Brickyard on Mill was sold Wednesday to the only bidder, Bank One, which held the major loan on the downtown project.
"It was done as an alternative to foreclosure because it is faster and it provides a squeaky clean title to the property that makes it more resalable," said John Clemency, the attorney representing Bank One.
Brickyard developer MCW Holdings had defaulted on a $31.5 million loan to Bank One and filed for bankruptcy. The sale was for the commercial portion of the project.
Others, including Arizona State University, had indicated interest, but Clemency said Bank One was the only one willing to bid the $29.5 million minimum.
As part of the settlement, Clemency said MCW Holdings will have to pay the $2 million difference. He said the bank would eventually sell the property.
Pat Flynn, Tempe assistant city manager said Bank One had told him that they intended to manage it.