Mechanic’s liens pile up at X Phoenix project, including $25M by general contractor
Dec 25, 2023, 5:00 AM
The second phase of the X Phoenix apartment tower in downtown Phoenix has amassed more than $30 million in mechanic's liens since the nearly completed project came to a screeching halt in September. (X Rendering)
(X Rendering)
The second phase of the X Phoenix apartment tower in downtown Phoenix has amassed more than $30 million in mechanic’s liens since the nearly completed project came to a screeching halt in September.
Eight liens tied to the project have been filed since late September, according to Maricopa County records. That includes a $25.62 million mechanic’s lien filed Nov. 20 by Clayco Inc., the company tapped as the general contractor for the project at 201 W. Van Buren St.
Mechanic’s liens offer contractors and subcontractors a degree of leverage in the event they are not paid for work completed on a project. The liens serve to cloud the owner’s rights, typically requiring resolution before an owner can acquire a clean title to sell or transfer the property.
Clayco has been working with The X Co., the Chicago-based developer of X Phoenix phase two, for years. Clayco completed construction of the first X Phoenix tower after general contractor Katerra Inc. filed for Chapter 11 bankruptcy in June 2021, a decision that eventually led to the firm’s liquidation. Clayco was later tapped for the second phase of X Phoenix, which contemplates bringing online 592 beds across 25 stories.
This story is posted in partnership with Phoenix Business Journal. Click to read the full story.
