Archive for the 'Desert Ridge – CityNorth' Category

New Listing in Desert Ridge Aviano – 3643 E. Louise Dr Phoenix AZ 85050



For More Information on the property, Contact Andrew Holm.
3643 E. Louise Dr. • Phoenix, AZ 85050

SHORT
SALE priced for quick sale. Fantastic 2007 built, highly upgraded Aviano
residence, upgraded amenities include hardwood and tile flooring, custom
paint throughout, epoxy in 3 car garage. Chef’s kitchen is complete with
granite counters and top of the line appliances. Resort like back yard with
custom pool and built in BBQ. Master bath is complete with upgraded separate
shower and tub. An awe inspiring interior rotunda and courtyard complete this
perfect Santa Barbara Style Residence. Aviano Rec. Complex includes pools,
gym, tennis, and much more.

Property
Amenities

  • 4 Bedrooms
  • 3 Baths
  • 3,130 sq. ft.
  • 3 Car Garage
  • Private Pool
  • Fireplace in Living Room
  • Desert Front Landscaping
  • Desert/Synthetic Grass Backyard
  • Great Room, Den/Office
  • Formal Dining Area, Eat-in Kitchen
  • Kitchen Features: Disposal, Dishwasher, Refrigerator,
    Pantry, Granite Countertops, Kitchen Island
  • Master Bedroom: Walk-in Closet, Full Bath with
    Separate Shower & Tub, Double Sinks
  • Covered Patio
  • Community Features: Biking/Walking Path,
    Clubhouse/Rec Room, Heated Pool & Spa, Tennis Courts, Near Bus Stop

Andrew Holm

For More Information, Contact:

Andrew Holm

REALTOR®

Cell 480.206.4265

Andrew@TheHolmGroupAZ.com

www.TheHolmGroupAZ.com

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JD Powers

AZ Central – Desert Ridge developer on defaut of 32 acre parcel..

by Michael Clancy – Feb. 10, 2011 12:47 PM
The Arizona Republic

Gray Development Group is in default on land it bought in the Desert Ridge area in 2004.

Vanessa Hickman, deputy commissioner of the Arizona State Land Department, said a default notice was sent in December for the 32-acre parcel on the northeastern corner of 56th Street and Loop 101.

The default is the second for the Gray group and at least the sixth in the Desert Ridge area.

The Gray parcel sold in May 2004 for more than $1 million per acre, making it one of the most expensive parcels the State Land Department ever sold.

The department originally owned all land in the 5,700-acre, master-planned development. Since 1993, it has been rolling parcels out for auction and subsequent development.

But the recession has had a serious effect on land values – driving those who acquired land at the height of the market into default – and the department’s ability to sell parcels.

Under the rules of state land sales, developers are on a seven-year payment schedule. When payments are missed, default notices go out. The notices trigger a 60-day period that gives developers time to make good on their deals. If they fail, the land reverts to the Land Department.

Hickman said the state has not reclaimed the Gray parcel yet.

Gray was scheduled to go before the Phoenix Planning Commission on Wednesday to amend the Desert Ridge Specific Plan as it pertains to the parcel. But that effort was withdrawn earlier in the day.

Gray’s previous default was on a 41-acre parcel north of Desert Ridge Marketplace. The company last year won a lawsuit claiming the master developer of Desert Ridge, Northeast Phoenix Partners, hindered its efforts to develop the parcel.

AZ Central – Developer calls for update in Phoenix Desert Ridge Plan

 

The Arizona Republic

A recent victory in a lawsuit could result in more than CityNorth changing hands.

When Gray Development Group prevailed in the lawsuit and won a jury verdict of $110.7 million, it became likely that Gray could take over the very party it defeated in court.

Although the case is far from complete, the result of the verdict could give Gray control of the remaining, undeveloped property at CityNorth, access to the $110.7 million economic development agreement that CityNorth has with the city and, finally, control of Northeast Phoenix Partners.

NPP was the losing party in the lawsuit. Besides being prime developer of CityNorth, NPP – controlled by the Klutznick Co. – has been the master developer of the entire 5,700-acre Desert Ridge master-planned community.

The master developer controls compliance with the Desert Ridge Specific Plan and oversees other governing documents for the northeast Phoenix community.

Bruce Gray, president of Gray Development, says one of the first things he would do is call for an update of the plan, which is 20 years old.

“Many of the original design assumptions proved to be incorrect, and many changes have been made by others over the years – most by NPP,” he said. “That’s the reason traffic is such a mess up there.”

At least 18 amendments have been grafted into the plan to enable development that otherwise could not take place.

Gray said discussions about updating the plan would include the Desert Ridge Community Association, the Arizona State Land Department and city planners. He expects no action at least until the economy recovers.

The Desert Ridge Community Association is the area’s homeowners association, with control over covenants, conditions and restrictions, or CC&Rs, that deal with specific issues in the community.

Claudia Garza, president of the homeowners’ group, did not respond to requests for comment. The community association was part of the lawsuit originally, but settled out of court.

In previous interviews, she has accused Gray of disregarding the Desert Ridge plan. She said in 2007 that if Gray gets its way, the entire Desert Ridge community would be hurt.

Jim Adams, director of the State Land Department’s Real Estate Division, declined to say whether the department would like a complete re-evaluation of the plan.

“Over the years, Desert Ridge has been very successful, and we anticipate it will be successful when the market recovers,” he said. “We have made a number of changes and amendments over the years, and we will continue to do that. All master plans evolve.”

Michelle Dodds, a city planner with responsibility for the plan, said it would make sense to revisit the plan – if only to reflect curr

New Listing – Desert Ridge Aviano

For More Information on the property, Contact Andrew Holm.

 
Short Sale – Beautiful New Desert Ridge Spanish Colonial Home, Near Great Shopping & 101 Fwy, Walking Distance to Private Park & Play Ground, HUGE BONUS ROOM/Loft & LARGE Extended Master Bedroom, Premium Lot Backs to Natural Wash with View Fencing, Mountain Views, NO Power Lines, Solid Slab Granite Countertops in Kitchen & Master Bath, Staggered Maple Cabinetry, Stainless Steel GE Profile Appliances, Stylish Hardware & Fixtures, Dual-tone Paint, 18´´ Tile, Wrought Iron Stair Railing, Built in Workstations, Epoxy Garage & Patio floors, Includes Professional Front/Back Landscaping, Amazing Clubhouse with Gym & Pool!
   
Property Amenities

  • 5 Bedrooms
  • 3.5 Baths
  • 4,431 sq. ft.
  • 3 Car Over Height, Tandem Garage
  • City Lights & Mountain Views
  • Desert Front Landscaping
  • Grassy Backyard
  • 9+ Flat Ceilings
  • Gas Fireplace in Living Room
  • Great Room, Den/Office
  • Bonus/Game Room, Loft
  • Formal Dining Area
  • Eat-in Kitchen, Breakfast Bar
  • Kitchen Features: Disposal, Dishwasher, Refrigerator, Pantry, Kitchen Island
  • Master Bedroom: Sitting Room, Walk-in Closet, Full Bath with Separate Shower & Tub, Double Sinks
  • Covered Patio, Balcony/Deck
  • Community Features: Clubhouse/Rec Room, Heated Pool & Spa
For More Information, Contact:



Andrew Holm

THE HOLM GROUP
Cell 480.206.4265
andrew@theholmgroupaz.com
www.theholmgroupaz.com

   

 

New Aviano Listing – Under contract in two days..

3973 E. Sandpiper Dr. • Phoenix, AZ 85050

 
Not a short sale or lender owned home. Move in less than 30 days. Great floor plan on one of the larger lots in Aviano! N/S exposure. Close to park, walk to school and award winning community center. 4 bedrooms plus den. Entertainer’s backyard with custom fireplace and built in BBQ. Kitchen has 5 burner gas cooktop, granite slab counters, butlers pantry. Shutters and custom window treatments throughout. Large master with sitting area and jacuzzi tub.

Property Amenities

  • 4 Bedrooms
  • 3.5 baths
  • 3,785 sq. ft.
  • 3 Car Garage
  • 2 Fireplace
  • Desert Front Landscaping
  • 9+ Flat Ceilings
  • Family Room, Great Room
  • Den/Office
  • Formal Dining Area
  • Kitchen Features: Range/Oven, Dishwasher, Disposal, Microwave, Pantry, Kitchen Island
  • Master Bedroom: Walk-in Closet, Sitting Room, Full Bath with Separate Shower & Tubs with Jets, Double Sinks
  • Covered Patio, Balcony/Deck
  • Built-in BBQ
  • Community Features: Heated Pool & Spa
   

For More Information, Contact:Andrew Holm

Andrew Holm

THE HOLM GROUP
Cell 480.206.4265
andrew@theholmgroupaz.com
www.theholmgroupaz.com

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Realtor Equal Housing

 

   

AZ Central – CithNorth foreclosure sale postponed

by Michael Clancy – Mar. 30, 2010 01:49 PM
The Arizona Republic

A foreclosure sale of CityNorth’s High Street that was scheduled for Wednesday was postponed at the last minute.

The sale now will take place on June 2.

The sale was postponed at the request of the lender, Capmark Financial. Capmark, which is in bankruptcy, filed foreclosure against the owners of CityNorth in late December.

The CityNorth group, which includes the Klutznick Co. and Related Urban Development, owes more than $290 million to Capmark.

No reason was given for the postponement.

High Street, the initial phase of the 144-acre project at 56th Street and Loop 101 in northeast Phoenix, opened in November 2008. Subsequent phases were supposed to open annually, but the economic slump put an end to those plans.

High Street includes apartments, offices, restaurants and retail.

Currently, future work at CityNorth is on hold, pending financing for new phases.

AZ Central – Cith North’s High Street faces foreclosure sale

by Michael Clancy – Mar. 30, 2010 11:09 AM
The Arizona Republic

The Klutznick Co. and Related Urban Development could lose their stakes in CityNorth’s High Street on Wednesday.

A trustee’s sale is scheduled on the property as the result of loan defaults totaling $290.5 million. Capmark Finance foreclosed on the property in December.

Attorney Scott Klundt, who is handling the sale, said the sale could be postponed. He said he has had conversations with representatives of the lender that lead him to suspect a delay, but he could not say for sure.

The sale would involve only High Street, a three-block development of restaurants, shops, offices and apartments. It is the only completed portion of the CityNorth project, which has been stalled because of the economy.

CityNorth is at 56th Street and Loop 101 in northeast Phoenix’s Desert Ridge area.

The foreclosure is believed to be the largest commercial foreclosure in state history.

Unknown at this time is whether anyone will step into the void. Neither Related nor Klutznick have made any announcements regarding bankruptcy or refinancing, which would halt the sale. No other parties have made their interest known publicly.

Should the sale take place and no bidders surface, High Street would become the property of the lender.

High Street opened in late 2008, but since then, several big retailers have put their plans on hold, and financing and construction of subsequent phases have not taken place.

The idea that financing would be available once a state Supreme Court case was finished – in CityNorth’s favor – has proven to be false. The sale is scheduled for 10 a.m. Wednesday at the law firm Quarles and Brady, 2 N. Central Ave.


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