The Hotel Monroe in downtown Phoenix has been sold to a Minnesota-based developer, reports The Republic. The vacant former bank headquarters, built in 1931, was purchased for $7.85 million by Minneapolis-based CSM Corp.
The 12-story tower at Central Avenue and Monroe Street has in bankruptcy and foreclosure proceedings. Developer Grace Communities bought the building in 2005 and planned to transform it into a 150-room boutique hotel. Grace took out a $27-million loan with now-bankrupt Mortgages Ltd. to renovate the building in 2007.
The building, formerly known as the Professional Building, still could become a hotel. CSM owns 37 hotels, mostly in the Midwest.