By Corina Vanek | Phoenix Business Journal
Nearly 100 acres in north Phoenix near Desert Ridge Marketplace are primed for construction to begin on apartments, office space, a hotel and restaurant.
The developer of the CityNorth mixed-use development, Irvine, California-based Crown Realty & Development, has completed infrastructure construction on the site at Loop 101 and 56th Street, which has been a target for development for years in the Valley.
Robert Flaxman, CEO of Crown, said the company has spent two years and about $20 million to develop the infrastructure on the site, including adding three streets, water and sewer lines, storm drains and fiber for connectivity.
A 270-unit apartment complex, a joint venture with Greystar Real Estate Partners, will be the first phase of CityNorth to begin vertical construction, sometime in mid-2021. Crown is underway with predevelopment on the site, which is entitled for up to 3,400 apartment units at buildout.
Read More (subscriber content)
Related: How Crown Realty Got $121M Worth of Prime Land for $54M