Desert Ridge must be butter because they are on a roll! Okay, that might sound a bit cheesy but now that we have your attention, we wanted to do a post all about the exciting expansion plans happening in North Phoenix. First, a little background.
With Phoenix cited as one of the fastest growing cities in the country, land is at a premium. Developers have had their eyes on 97 acres of land just north of Phoenix as one of the most coveted areas for years now. This land, located in Desert Ridge, is known as City North and currently houses High Street – an urban outdoor shopping, dining and entertainment complex. The intention was to develop the land in 2004 but after lengthy lawsuits, and the recession in 2008, the project never made it off the ground.
Recently, City North has come under the ownership of California-based company, Crown Realty and Development – after a $54 million dollar bid on the land that is said to be valued at just over 120 million dollars. That’s a pretty amazing deal in our opinion.
Crown Realty’s plan is to fulfill the original intentions for the property, which includes such exciting additions as:
• 2,500 residential units
• Two million square feet of office space
• 500 hotel rooms
• 100,000 square feet of retail. All housed in buildings that could be as high as 12 stories.
What This Means for Residents
This new mini city is intended to be one of the most densely built areas in metropolitan Phoenix. So, how does this effect you? With all of this new infrastructure, residents can expect an influx of people moving into the area, which allows the currently undeveloped land to truly live up to the great name of City North. The amount of business combined with incredible walkability and proximity to nearby shopping, dining and entertainment at Desert Ridge Market Place, will draw people of all ages to the area in search of homes – which will in turn, increase the value of homes already established in the area. Another added bonus, since the land is located right off of the 101 freeway, having a home in this area may even shorten your Monday morning commute. From a real estate perspective, I’d say that’s a win-win. If you’ve been searching for a home in the north Phoenix/Desert Ridge area, now is a great time to buy – especially with the continued low interest rates.
We’ll keep you posted as more details about the expansion unfold, so be sure to check back regularly for updates or contact us for assistance with your real estate needs.