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Crown Wins Bid for 100-Acre North Phoenix Development Site
Crown Realty & Development acquired 96.5 acres and will take over as master developer of a prime North Phoenix site envisioned for a new urban core project. Crown’s winning bid for the land was $54 million, though the Bankruptcy Court had previously valued it as high as $121 million.
The property and rights have been the subject of active litigation and bankruptcy for a decade. The acquired acreage comprises the majority of the vacant land east of the 1.2-million-square-foot Desert Ridge Market Place and existing High Street. The land is zoned for about 2,500 residential units, two million square feet of office, 500 hotel rooms and 100,000 square feet of retail.
Crown’s Robert Flaxman says, “Unlocking this parcel from years of litigation now provides the opportunity to develop a 21st century urban community on the north side of Phoenix. What Century City was to Los Angeles in the 1960s, the new City North project will be to Phoenix.”
For comments, questions or concerns, please contact Dennis Kaiser
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