Going Up
May 1, 2007 12:00 PM, Elaine Misonzhnik
CityNorth, the 144-acre mixed-used project in Phoenix, has got the green. In April, the Related Companies of New York and Phoenix-based Thomas J. Klutznick Company announced that they had formed a joint venture and secured $379 million in financing for its first phase.
The financing includes a $290 million construction loan from Capmark Finance Inc. and a $50 million mezzanine loan from Centerline Capital Group. CityNorth will be the centerpiece of the High Street district.
When completed, scheduled for the fall of 2008, High Street will feature 293,000 square feet of retail space, 306,000 square feet of office space and 409,000 square feet of residential space for luxury condominiums and town houses. The development, which is already under construction has pre-leased 70 percent of its retail space. Phase Two of the project will open in November 2009.
CityNorth will be central to Klutznick's master-planned community called Desert Ridge situated on 5,700 acres. When completed, Desert Ridge will be home to 50,000 people and boast 5 million square feet of commercial space, a 950-room hotel, a 524-acre high-tech industrial park and 1,100 acres of parkland.
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