The Mesa Financial Plaza - the 16-story office tower home to Bank of America - is in foreclosure and headed to the auction block.
The building, highlighted by blue argon lights, has been one of the East Valley's most notable structures since it opened in 1986. Since then, the iconic tower's wildly changing fortunes have been symbolic of Arizona's economy.
The building is now about half full and set to be auctioned Aug. 11. A minimum bid hasn't been set, said Don Miner, an attorney with Fennemore Craig who is the trustee on the pending sale.
The building at Southern Avenue and Alma School road has changed hands many times, selling in 2006 for $55 million and in 2007 for $57.7 million. The value of office buildings has plunged since then, as the Valley's 26 percent office vacancy rate is one of the nation's highest.
Still, the court-appointed receiver expects investors will look at the building as the auction approaches.
"It's a landmark asset so I'm assuming there's going to be a lot of interest once we get to that point," said Kevin Rude of Grubb and Ellis.
The auction is just the latest chapter in the building's storied past.
It was developed by Conley Wolfswinkel, a land baron whose real estate empire went bust in another recession two decades ago. Wolfswinkel was convicted of fraud in 1993 but has remained active in his family's vast real estate holdings.
The building initially was the home of Western Savings and Loan, one of many financial institutions taken over by the federal government in the savings and loan debacle.
And, the tower's signature blue outline was initially controversial. Mesa considered the argon light a massive sign - and a massive violation of city regulations. The building was able to keep the lights on a 90-day trial basis, and rewritten rules eventually let the lights stay permanently.
After numerous sales, the building won an award for a 2008 renovation.
One of the building's tenants was Mesa City Councilman Dennis Kavanaugh. His law firm left after seven years because the owners didn't adjust rents as the economy slowed and other buildings offered better rates.
"It's a great building in a great location, but I think it fell victim to the economy and not taking care of tenants, or at least being willing to make agreements to maintain great tenants," Kavanaugh said.
angryivan posted at 11:21 pm on Tue, Jun 29, 2010.
... Conley Wolfswinkel, a land baron... and Garin Groff, the EVT's own idiot savant, is at it again. I didn't know land barons existed; but I've heard of a cattle baron. How about calling him a real estate developer unless you are trying to make him look bad. Del Webb and John F. Long would probably laugh at Garin for saying Wolfswinkel is a land baron. P.S. I don't know Mr. Wolfswinkel, any of his family, or anyone who worked for him.
AZMomma posted at 10:29 am on Wed, Jun 30, 2010.
Wolfswinkle was one of the movers and shakers back in the heyday when The Driggs brothers (Western Savings) and Charles Keating were flying high.
Sort of a local wannabe. They all lost it when their scheme-bubbles burst.
Of course, that BofA building is located right in the midst of the Fiesta Mall barrio, so the value is probably way down.
Maybe they can turn it around and develop it as a multi-story Mercado [wink]
forkedlift1 posted at 12:06 pm on Wed, Jun 30, 2010.
Mesa's old timers will remember that 45 years ago, when Main Street/Apache Trail was THE major east-west highway through Mesa, there was a modest yellow house at the southeast corner of Southern and Alma School. That was the Wolfswinkel family home.
Hellraiser posted at 6:45 am on Thu, Jul 1, 2010.
It is obvious that most of you don't keep up on events as Mr Wolfswinkel and his family are the largest real estate owners in the area plus they own the Palm Creek golf resort which is worth several million dollars. No, I don't personally know the man or family.
If you say he is a wannabe then I would like to be a wannabe with that much money :)
Carolyn posted at 9:53 am on Thu, Jul 1, 2010.
Conley Wolfswinkel lived through the fraud scandal, and still has lots of money. John McCain, one of the senators accused in the Charles Keating/Savings & Loan scandal, lived through it and still has lots of money. But what a shame that this building has to go on the auction block. It has always been an asset to the East Valley.
Toobad posted at 1:44 pm on Thu, Jul 1, 2010.
Conley Wolfswinkel from what I hear is quite the "SUGAR DADDY" for his girlfriend Heather Flynn. He put her up in a nice home several times over. And she is much younger the he is. I could tell you more about Conley and some connections to someone I know personally. But I dont want to open up pandora's box! It does make me wonder if the individual I know is wrapped up in illegal activities too!
jimg17 posted at 8:41 pm on Thu, Jul 1, 2010.
Knock it down. Perfectly good spot to put up a used tire and rim shop.
Poorman posted at 7:02 am on Fri, Jul 2, 2010.
Frorkedlift1 good show,you are correct on this,u remember the Corvette in the driveway at times? Also on Carolyn's post good show,the sad part is that McCain got away with his participation in the mess.Hopefully we will get a new senator this time.Don't know what good he will be though
Poorman posted at 7:06 am on Fri, Jul 2, 2010.
Actually B Of A might be smart,they unload the building etc. and then have one of the very little known holding co.s buy it back at a cheaper price and in a round about way B of A still owns it.
Poorman posted at 7:13 am on Fri, Jul 2, 2010.
Kudos to Forkedlift1 and poster Carolyn on their posts, I remember the Corvette that parked in the driveway now and then,Didn't one of the Dobson boys also live ther at one time? On Carolyn's post ,its a shame that Mc Cain got away with his part in the mess. Hopefully we will get a hew senator this time around. Although i don't know if Hayworth will be any better,just a different face. Have a good day all.
alice posted at 2:53 am on Mon, Aug 23, 2010.
“The federal government has failed to protect the people of Arizona from illegal aliens, so the state government, quite sensibly, moved to fill the void. This lawsuit should fail because it is based on the absurd assertion that Arizona should be punished for enforcing federal immigration laws which our current president and current attorney general have no interest in enforcing 70-432
.” — Former congressman and current U.S. Senate candidate J.D. Hayworth.