“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “
Also Call me if you need an estimated value of your Property. Direct : 602-759-1209, Prefer cell: 520-975-5207, or email me walterunger@ccim.net.
Catherine Reagor, Arizona Republic Published 6:00 a.m. MT Jan. 30, 2019
The new City North project will include a residential core, office buildings up to 10 stories high, new restaurants and several hotels
Development on a big chunk of northeast Phoenix’s popular Desert Ridge community is no longer on hold. That means more money could start flowing to Arizona schools.
After years of contentious legal battles and bankruptcy filings, California-based Crown Realty & Development emerged as the winning bidder on the 96.5-acre parcel in Desert Ridge’s core called City North on Monday.
It is paying $54 million for the land that has been valued at more than $120 million, according to court documents.
Crown, which developed the Montelucia resort in Paradise Valley, also won the role to be “master developer” of Desert Ridge’s remaining 2,000 acres of vacant land.
The 5,700-acre Desert Ridge is located on Arizona-state owned land centered around the Loop 101 and Tatum Boulevard. More homes, apartments, restaurants, retail and offices for the area means more money for state schools.
“Unlocking this parcel from years of litigation now provides the opportunity to develop a 21st-century urban community on the north side of Phoenix,” said Robert Flaxman, CEO of Crown. “What Century City was to Los Angeles in the 1960s, the new City North project will be to Phoenix.”
Another Phoenix urban core
The nearly 97-acre parcel Crown acquired is east of Desert Ridge Marketplace. It’s zoned for about 2,500 residential units, 2 million square feet of office, 500 hotel rooms and 100,000 square feet of retail.
The new City North project will include a residential core, office buildings from four to 10 stories high, new restaurants and several hotels, said Rick Carpinelli, senior vice president at Crown.
Construction on the first phase, including new roads, will start in a few months, according to the developer.
Desert Ridge was launched in the late 1990s as a new growth area for Phoenix. It drew thousands of homes, a large shopping center, a Mayo Clinic, the JW Marriott Resort and big employers including American Express.
“Desert Ridge attracts all types of homebuyers, younger, middle-aged and older, because of its location near jobs, retail, restaurants, hospital, recreation and the freeway,” Arizona housing analyst Jim Belfiore said.
Stalled development
Desert Ridge’s state land drew record prices from home and apartment developers during the housing boom.
City North was planned around the real-estate boom in 2004-06 to be a high-end shopping center with a Bloomingdale’s, Nordstrom and Macy’s. But due to lawsuits and the recession, it stalled in 2008.
During the recession, other developers defaulted on about 1,300 acres of state land in Desert Ridge, according to the Arizona State Land Department, which is charged with managing 9.2 million acres across the state mostly to benefit schools.
Some of those parcels have recently resold to builders for big prices. But the sale of other land in Desert Ridge was stalled due to lawsuits with the former master developer.
Fight for prime desert land
Many of the disputes that stopped Desert Ridge’s new development stem from lawsuits over City North between Phoenix developer Bruce Gray and Chicago-based Thomas J. Klutznick Co. more than a decade ago.
Crown became involved a few years ago after buying debt that Gray had defaulted on. One of the notes was secured by City North and the “master developer rights” for all of Desert Ridge.
When Gray was master developer, additional land sales and building in Desert Ridge was held up for various reasons, including the lawsuits.
City North’s past has been complicated due to the many players involved and lawsuits.
Gray has declined to comment on the lawsuits in the past.
Gray’s development groups filed for bankruptcy in 2016. The case was resolved last summer when the bankruptcy court ruled the Desert Ridge property tied to the community’s master developer rights be sold.
Crown was the winning bidder for both on Jan. 28
State Land Commissioner Lisa Atkins said the agency is “pleased to have the matter resolved” and will be working with Crown on Desert Ridge’s new commercial core.
The role of master developer doesn’t mean Crown will buy all the remaining land in Desert Ridge, but it has the option to work with other developers and plan future projects in the community.
“It’s impossible to grow new land but the slumbering status of this property for the last decade does exactly that, as the end of litigation means the start of development for what is unquestionably one of the best pieces of real estate in Arizona,” Carpinelli said.
FROM ME:
Phoenix Commercial Real Estate and Investment Real Estate: Investors and Owner / Users need to really know the market today before making a move in owner user Commercial Properties, Investment Properties and land in Phoenix / Maricopa County, Pinal County / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties. I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also internationalClick here to find out what is a CCIM: https://en.wikipedia.org/wiki/CCIM
PLEASE CALL ME – Direct : 602-759-1209 , cell: 520-975-5207 or email me walterunger@ccim.net
WEEKLY APARTMENT CLOSING UPDATE THROUGH January 25, 2019, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH January 18, 2019, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH January 11, 2019, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH January 4, 2019, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH December 28, 2018, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH December 21, 2018, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH December 14, 2018, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH December 7, 2018, Phoenix Arizona Metro.
“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “ ARE YOU READY TO SELL OR PURCHASE YOUR INDUSTRIAL / OFFICE OR RETAIL BUILDING OR YOUR LAND in Phoenix, Maricopa County and Pinal County, Arizona, please call me. Office: 602-445-4113, Direct : 602-759-1209 , cell: 520-975-5207 or email me walterunger@ccim.net. …. VIEW ALL OF WALTERS LISTINGS. Let me know if you are interested in Apartments: CLICK HERE FOR APARTMENTS FOR SALE
CLICK HERE: Arizona Opportunity Zones As We Understand /maps. Interested!!! Please contact me.
History of Arizona from 900 BC – 2017 -Timeline.
Walter Unger CCIM
Senior Associate Broker
Kasten Long Commercial Group
5110 N 40th Street, Suite 110
Phoenix , AZ 85018
Office: 602-445-4112
Direct: 602-759-1209
Cell: 520-975-5207
Fax: 602-865-7461
8 Reasons You Should Invest in Land
History of Arizona from 900 BC – 2017 -Timeline.
WHY PHOENIX? AMAZING!!! POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”
DOT – LOOP 202 / SOUTH MOUNTAIN FREEWAY / PHOENIX AZ – UNDER CONSTRUCTION
ARIZONA FACTS – YEAR 1848 TO 2013
- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
- The average age of the population is 34 years old.
- The health cost index score in this area is 102.1. (100 = national average)
- Here are some of the distributions of commute times for the area: <15 min (22.7%), 15-29 min (36.8%), 30-44 min (25.1%), 45-59 min (8.6%), >60 min (6.8%).
PHOENIX PROJECTED AS NUMBER ONE US HOUSING MARKET FOR 2017
LIST OF ECONOMIC DEVELOPMENT PROJECTS IN PINAL COUNTY, REVISED 2-14-17
Reasons to Consider me for Commercial Referrals – I have the Knowledge and Experience
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Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
2016 Official Arizona Visitors Guide
Timeline of Phoenix, Arizona history
Facts of Arizona – year 1848 to 2013
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
Walter Unger CCIM
Senior Associate Broker
Kasten Long Commercial Group
5110 N 40th Street, Suite 110
Phoenix , AZ 85018
Office: 602-445-4112
Direct: 602-759-1209
Cell: 520-975-5207
Fax: 602-865-7461
Check out my professional profile and connect with me on LinkedIn.
Kasten Long Commercial Group tracks all advertised apartment communities, including those advertised by other brokerages. The interactive map shows the location of each community (10+ units) and each location is color coded by the size (number of total units).
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me on my cell 520-975-5207
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