Rental housing industry leader, Greystar, recently broke ground on the first phase of their multifamily housing development at City North in Phoenix, Ariz. 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.
Crown Realty is the master developer of City North 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 includes 272 units, and will be built, owned, and managed by Greystar and is expected to open in the summer of 2023.
We are excited to team up with Crown Realty to include residential offerings at City North, 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."
Greystar's Senior Director of Development Billy Cundiff.
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, With fifty plus walkable restaurants and venues, all accessible via our communities and placed strategically near existing amenities, twelve 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."
Crown Realty's Senior Vice President of Acquisition and Development, Rick Carpinelli.
The first phase of City North's multifamily housing development will offer exceptional design, market-leading finishes and amenities, and excellent views of the surrounding area from its 272 residences. Amenities will include a private pool, fitness center, cowork 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. City North boasts it is a highly desirable location with walkability to great retail and hospitality, access to transportation, and forward-thinking design. These benefits, plus convenient access to Loop 101 and Interstate 51 will allow residents of the first phase to immerse themselves in an urban living environment with a hometown feel.
The architect of the first phase of Greystar's multifamily housing development is Todd + Associates and the interior designer is Lawrence Lake Interiors.
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates an estimated $220 billion of real estate in more than 210 markets globally, including offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 748,000 units/beds, and has a robust institutional investment management platform with approximately $45.1 billion of assets under management, including over $21.3 billion of assets under development. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business.