Crown Realty & Development Corporation is proud to announce that Cushman & Wakefield Executive Managing Directors David Fogler and Steven Nicoluzakis will serve as the brokers to market the first phase of City North’s multifamily residential component.
Cushman & Wakefield will be overseeing the marketing efforts for the first phase’s 250 multifamily residential units. Crown plans to identify a developer and start construction on the first 250 multifamily residential units by the end of this year.
In January, Crown acquired the nearly 100-acre City North property 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.
An offering memorandum is currently being sent to prospective multi-family developers.
The 250 multifamily residential units developed in this first phase sit on four acres. City North’s entire multifamily residential component will consist of 2600 units and will comprise 32 acres of the City North development.
“We are building the ultimate ‘live, work and play’ environment at City North,” said Rick Carpinelli, Senior Vice President of Acquisition and Development at Crown. “This is one of the best pieces of real estate in the western United States and all residential units will be well-integrated with nearby amenities such as restaurants, entertainment offerings and fitness centers at High Street and Desert Ridge Marketplace.”
Fogler and Nicoluzakis are two of the most well-known specialists of acquisition, disposition and sales of multifamily properties and land in Arizona. Combined, they have achieved total sales of over 50,000 units with a value in excess of $5 billion.