Crown Realty announces brokers for City North development

The City North property in north Phoenix. (Submitted photo)

Crown Realty and Development Corporation announced Cushman and 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 and 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, according to a press release.

In January, Crown acquired the nearly 100-acre City North property in north Phoenix 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 the Town of 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 being sent to prospective multi-family developers, a release states.

The 250 multifamily residential units developed in this first phase sit on four acres. City North’s entire multifamily residential component will consist of 2,600 units and will comprise 32 acres of the City North development.

“We are building the ultimate ‘live, work and play’ environment at City North,” Rick Carpinelli, senior vice president of acquisition and development at Crown, said in a prepared statement.

“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.”

Mr. Fogler and Mr. Nicoluzakis are specialists of acquisition, disposition and sales of multifamily properties and land. Combined, they have achieved total sales of over 50,000 units with a value in excess of $5 billion.

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