CHANDLER, AZ-Real Estate Capital Partners of New York City has joined forces with Scottsdale, AZ-based Vedura Residential to develop a 163-unit luxury multifamily complex. This $20 million project will operate under Vedura's "Elevation" brand name – making it Elevation Chandler.

But don't confuse this as yet unbuilt project at Pecos and Dobson Roads with another Elevation Chandler, the eyesore, see-through, half-completed condotel near the Chandler Fashion Center, on which construction was abruptly halted in 2008 due to lack of funds. Vedura residential managing director Bruce Hart tells GlobeSt.com that the see-through, half-completed building on San Tan Freeway and Loop 101 will soon be stripped of the name Elevation Chandler. Vedura, in fact, trademarked the "Elevation" brand name. "By the time we open our project," Hart adds," the other will be long gone, so there shouldn't be confusion from the consumer perspective." Vedura currently has its Elevation in Flagstaff open in Flagstaff, AZ and plans to launch construction on Elevation on Central, a multifamily property in the Phoenix CBD later this year.

But what about the fates of the original Elevation Chandler? That luxury hotel-condominium began going north in 2005, but construction stopped in 2006 when developer Jeff Cline ran into financial problems. Though Cline obtained a $24 million bridge loan from Point Center Financial to keep control of the property, the financial downturn meant he was unable to complete the project.