California developer Crown Realty & Development, through controlled affiliates, has closed on 96.5 acres and acquired the “Master Developer” rights in North Phoenix’s Desert Ridge master-planned community. Crown plans to develop the land as a new urban core in Phoenix, after the property and rights have been the subject of active litigation and bankruptcy for a decade.
Per the press release, the acquired acreage comprises the majority of the vacant land east of the 1.2 million-sq.-ft. Desert Ridge Market Place and that surrounds the existing High Street. The land Crown has acquired is zoned for about 2,500 residential units, 2 million square feet of office, 500 hotel rooms and 100,000 square feet of retail.
Crown is working with several major corporate users looking to locate their business at Desert Ridge. The developer will begin developing the property this spring and plans to complete the streets, sidewalks and landscaping by the end of 2019. In addition, Crown anticipates the first office building, the first residential project and the first restaurant all starting construction this year.
“Unlocking this parcel from years of litigation now provides the opportunity to develop a 21st century urban community on the north side of Phoenix,” says Robert Flaxman, CEO of Crown, in a press release. “What Century City was to Los Angeles in the 1960’s, the new City North project will be to Phoenix.”
Crown, which has locally developed the Montelucia Resort (now an Omni property) and spearheaded the redevelopment of Mountain Shadows in Paradise Valley, now plans to develop what will essentially be a new city on the coveted property.
“The new City North project will include a residential core, office buildings from four to 10 stories, vibrant new restaurants, a full-service hotel and several select service hotels,” says Rick Carpinelli, Senior Vice President of Acquisition and Development at Crown.
“All of this is great news for existing residents of the area soon to get more amenities as well as future residents and employers who will be able to call this amazing slice of Arizona home,” says Flaxman.