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.
Crown has begun tours with brokers for the first office building planned at the site. Crown has site plan approval for a 160,000-square-foot office building. The developer also is in the process of responding to a request for proposals for a 200,000-square-foot, build-to-suit corporate center that could be developed at CityNorth, Flaxman said.
Construction on the first office building also could begin in mid-2021, the developer said. Crown expects to receive its building permit in the next few weeks.
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Related: How Crown Realty Got $121M Worth of Prime Land for $54M