Greystar recently broke ground on the first phase of its multifamily housing development at City North in Phoenix.
This marks City North’s first vertical element in the 100-acre project located just north of Interstate Loop 101 at the intersection of 55th Street and City North Drive in north Phoenix.
The 272-unit multifamily project is within the City North masterplan which, upon completion, will also include an additional 3,000 residential units, 1.8 million square feet of class-A corporate office space, 620 hotel rooms, and up to 100,000 square feet of retail offerings and new restaurant concepts. The first phase of multifamily will be built, owned, and managed by Greystar and is expected to open in the summer of 2023, according to a press release.
“We are excited to team up with Crown Realty to include residential offerings at City North,” said Greystar’s Senior Director of Development Billy Cundiff. “This $93 million project is a perfect example of how Greystar and Crown are working together to help bring world-class residential development to the area and stimulate the economy by creating new jobs. We look forward to continuing to help Phoenix grow as a cultural, luxury, and business destination, specifically in the North Phoenix area.”
Adjacent to Greystar’s multifamily project is High Street, which consists of 628,000 square feet of mixed-use Class A office and retail space including upscale dining and shopping options. Nearby is the heavily trafficked Desert Ridge Marketplace that features 1.2 million square feet of retail shopping, dining, and entertainment options.
“The City North neighborhood is the ultimate live, work and play environment,” said Crown Realty’s Senior Vice President of Acquisition and Development, Rick Carpinelli. “With 50-plus walkable restaurants and venues, all accessible via our communities and placed strategically near existing amenities, 12-feet walkways will allow residents to walk to work and to hotels where family and friends can stay. In addition, bike paths and rest areas will be strategically placed throughout the development, making City North the ideal neighborhood in the North Valley.”
The first phase of City North’s multifamily housing development will offer design, market-leading finishes and amenities, and views of the surrounding area from its 272 residences, the press release stated. Amenities will include a private pool, fitness center, co-work space, open courtyard, bike storage room, doggie spa, and a multipurpose deck on the fourth floor that will be built with sustainable and recycled materials.
The first phase of multifamily will also offer 12 floorplan options with one, two or three bedrooms from which to choose. Pre-leasing is expected to begin in winter 2022.
City North is conveniently located 25 minutes away from downtown Phoenix, Scottsdale, and the West Valley.
“Seeing the growth and activity happening at City North is incredible,” said Christine Mackay, director of community and economic development for the city of Phoenix. “This is an amazing location for the workforce to live in a truly walkable environment and is at the center of the activity along the Loop 101. City North is a place where thought-leading companies will find it easy to grow and attract the workforce they are looking for.”
The architect of the first phase of Greystar’s multifamily housing development is Todd + Associates and the interior designer is Lawrence Lake Interiors.
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