Phoenix’s Ultimate “Live, Work, Play and Excel Environment” will offer retail, office and residential communities on superb freeway frontage
PHOENIX, ARIZ. – Crown Realty & Developmentis pleased to announce the onset of construction activity today on the nearly 100-acre property that surrounds the existing High Street retail, office and residential community adjacent to the Loop 101 in north Phoenix.
Coined the ‘City of the Future’, City North has started construction on the horizontal infrastructure including water and sewer. Construction will then begin above ground on the streets, sidewalks, landscaping, trees, comfort stations for shuttles and ride sharing companies and streets. The main spine road will be four lanes with a center median bordered with two 12-foot wide tree-lined pedestrian / cycle paths.
Crown hired A.R. Mays for the all the infrastructure construction. Twenty million dollars is budgeted for this phase of the project. Vertical construction will start next year. Among the amenities –a 160,000-square-foot, four-story office building and 250 multifamily residential units will be developed in this first phase of the project that will sit on four acres. When completed — City North’s entire multifamily residential component will consist of 2,600 units and will comprise 32 acres of the City North development joining Class A offices and other uses in the thriving Desert Ridge area of Phoenix.
Crown acquired the nearly 100-acre City North property in January that surrounds the existing High Street retail, office and residential community. The land had been the subject of litigation for nearly a decade and has been valued by the bankruptcy court for $121 million. Crown, which has developed the Omni Montelucia Resort and spearheaded the redevelopment of Mountain Shadows in Paradise Valley, plans to develop what will essentially be a new city and second urban node for Phoenix with City North.
A formal groundbreaking is planned in early October. The land is zoned for 2,500 residential units, 2 million square feet of office, 500 hotel rooms and 100,000 square feet of retail. It is adjacent to the 1.2 million-square-foot Desert Ridge Market Place and surrounding High Street development at the northwest corner of the Loop 101 and 56th Street.
Cushman & Wakefield has been retained as the brokers to market the first phase of City North’s multifamily residential component. Several local and national multifamily developers are competing to build the first place of the multifamily.
CBRE was retained as the exclusive agents for the office portion of a premier mixed-used development. The office component will feature up to 2 million square feet of Class A office space with the best-in-class amenities that meet the evolving needs of forward-thinking corporate users. Crown Realty & Development will be announcing shortly the office developer that will be responsible for all vertical office development. The first phase of the office portion is anticipated to start later this year and will be a four-story 160,000 square-foot building.
“We are thrilled construction is starting and our brokers are already at work finding the type of tenants and partners to bring one of the finest pieces of real estate in Arizona to life,” said Rick Carpinelli, Senior Vice President of Acquisition and Development at Crown. Carpinelli also oversees Crown’s Arizona operations. “There is no doubt City North is one of the best pieces of real estate in the western United States and will soon offer a variety of residential units, retail, hotels and office space to complement its spectacular location.,” said Crown CEO and founder Robert Flaxman.