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  #121  
Old Posted Jun 5, 2009, 1:21 AM
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HooverDam HooverDam is offline
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Originally Posted by Leo the Dog View Post
Looks like CN is dead. Another Westgate?
More like another Galleria. Westgates been successful enough because it has a major anchor tenant in the arena. CityNorth is going to struggle just like the galleria because of a lack of anchors.
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  #122  
Old Posted Jun 5, 2009, 5:29 AM
exit2lef exit2lef is offline
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Originally Posted by HooverDam View Post
More like another Galleria. Westgates been successful enough because it has a major anchor tenant in the arena. CityNorth is going to struggle just like the galleria because of a lack of anchors.
I think the Scottsdale Galleria is a very good comparison. We may see the existing CityNorth buildings become call centers or similar office space in a few years.
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  #123  
Old Posted Jul 16, 2009, 6:24 PM
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Saito's is closing? I'm not surprised, and also good riddance.

Places I really like there: Press Coffee, Mojo Yogurt, and I have high, high hopes for 25 degrees' burgers even though they really let me down the first time I was there. I hope Paliscene gets re-thought, and that Nordstrom's ends up in CN after all, but it'll be a long time (i'm guessing >5 yrs) either way really.

The news about residential leasing is a bit surprising and quite hopeful - I really like the design feel of the space, even tho it's fairly dead, it makes me hope for similar New-Urbanist-style projects in the future. I wonder what monthly rates are... I keep meaning to go to the sales office and not doing it. Someday I'll remember to check it out.
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  #124  
Old Posted Oct 12, 2009, 7:21 PM
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http://www.azcentral.com/community/n...north1010.html

Quote:
CityNorth's residents like living above the stores
12 comments by Connie Cone Sexton - Oct. 12, 2009 09:36 AM
The Arizona Republic
Matt Taylor wandered over to CityNorth one day to track down a special pair of sunglasses.

He was happy to see a lot of activity as people bustled about the retail shops. And then he realized people were living at the development as well.

Gazing up from the street, he could see three stories of apartments. It wasn't long before Taylor and his girlfriend, Georgette Banach, were settling into a two-bedroom unit with a view looking down on High Street, the main street of CityNorth, a mixed development that includes retail and commercial space just north of Loop 101 near 56th Street.


There are 99 units in The Residences on High Street. As of last week, the remaining two units available have been leased. The units were originally marketed for sale as condominiums, but as the economy soured, they became luxury rentals. There are eight floor plans: one-, two- and three-bedroom (or two bedrooms with a den) spaces, ranging from approximately 750 to more than 1,800 square feet.

The units, which originally were priced at $456,000 to more than $1 million, now rent for $1,000 to $2,800 a month.

Taylor and Banach could have opted for a unit that looks out on an internal terrace, sandwiched between the apartment complex and the garage. The view would have included the pool and outdoor fireplace lounge area, but the pair liked the idea of having a feel for city living.

During the day, they can look out the floor-to-ceiling windows or pull open the sliding glass door to step out onto their terrace to visually stretch their living room.

"It has the feel of living in New York," said Banach, 30, who works in sales and marketing. "I love that I can just go downstairs and walk over to Kona Grill. This place has a real vibrant feel."

Taylor, 34, is an information technology consultant and works from home. He was pleased with the upgraded kitchen, which allows him to expand his cooking skills.

But, by far, they love the open feel of the apartment. The huge windows fill their space with light during the day.

Press, a coffee shop located just down the street, is of the favorite haunts by many residents living at CityNorth. Banach and Taylor find themselves heading over their almost every day. The coffee-shop workers know them by name.

For residents David and Bryn Kosack, that's part of the appeal. CityNorth is providing a bit of coziness in an urban area. The two own their business and run it from their apartment, which they share with 10-month-old daughter, Ella. They moved in March.

To make the two-bedroom place their own, they added touches of vibrant color. A sea of blue called Calypso colors the long living room/dining room wall. A tangy red bounces from the kitchen walls.

David, 36, likes the ease of getting to know his neighbors.

Bryn, 37, is happy that the complex has a saltwater pool. And she loves relaxing on their terrace and getting to soak in the fresh air, especially now that the days are getting nice.

"This is just a happy place to live," she said. "I can just imagine how it will be when more businesses move in and people get to know each other even more."
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  #125  
Old Posted Oct 12, 2009, 8:23 PM
Vicelord John Vicelord John is offline
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I'm proud of my comments in that AZ Central thread in response to someones "at least they aren't building sprawl" comment.
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  #126  
Old Posted Oct 13, 2009, 4:57 PM
exit2lef exit2lef is offline
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"It has the feel of living in New York" -- yeah, right. As if New York is a building surrounded by dirt lots, miles from the city center, and designed primarily to be reached by car.

I actually have more respect for people who say they don't like cities and choose to live on the fringes than I do for people who choose faux urbanity in developments like CityNorth.
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  #127  
Old Posted Jan 4, 2010, 10:28 PM
Leo the Dog Leo the Dog is offline
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I went to CN this weekend and it felt like an eery ghost town, even more dead than downtown Phoenix. Right next door, Desert Ridge was booming, bustling, traffic jams, pedestrians, no parking etc...

http://www.azcentral.com/business/ar...nline0105.html

Quote:
CityNorth development in Phoenix in foreclosure
6 comments by Catherine Reagor - Jan. 4, 2010 02:58 PM
The Arizona Republic
CityNorth's lender has filed to foreclose on the first phase of the high-profile development in north Phoenix.

The first phase of the development at 56th Street and the Loop 101, known as High Street, includes retail, apartments and office space. Plans call for more development on the project's 144 acres.

A foreclosure auction date has been set for March 31, according to documents filed on Dec. 30th with the Maricopa County Recorders Office.

The amount owed Chicago-based lender Capmark Finance on the property is $290.47 million, making it one of Arizona's largest single commercial foreclosures.

Related Cos. and Klutznick Co. are developing CityNorth. Phoenix law firm Quarles & Brady is the trustee handling the foreclosure auction.

Capmark, formerly known as GMAC Commercial, was one of the nation's biggest lenders before filing for bankruptcy last fall.

CityNorth opened in November 2008 right after the nation fell into a recession. Since then, several big retailers have pulled out or delayed opening in the project.
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  #128  
Old Posted Jan 5, 2010, 6:57 AM
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Looks like my Galleria prediction was pretty spot on unfortunately.
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  #129  
Old Posted Jan 5, 2010, 8:20 AM
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I heard CityNorth's apartments are 100% leased and the restauarants and bars are kicking. Not quite the disaster one would think.
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  #130  
Old Posted Jan 5, 2010, 12:12 PM
Leo the Dog Leo the Dog is offline
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Originally Posted by combusean View Post
I heard CityNorth's apartments are 100% leased and the restauarants and bars are kicking. Not quite the disaster one would think.
This could be true, but there was an A-frame sign advertising to lease condos on High St, as if they had vacancies. When you walk down High St, you can see that many of the office/condos are empty.

I've heard Blue Martini is a fun spot at night. However, while I was there, Saturday afternoon, both restaurants and shops were DEAD. There was ample parking along High St. I didn't even have to park in the garage. This was in stark contrast to nearby Desert Ridge. I thought to myself that this place is going to fail, unless they build it out 100%. There is nothing currently there to sustain it.
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  #131  
Old Posted Jan 5, 2010, 1:54 PM
exit2lef exit2lef is offline
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Quote:
Originally Posted by combusean View Post
I heard CityNorth's apartments are 100% leased and the restauarants and bars are kicking. Not quite the disaster one would think.
I believe the apartments are 100% leased, but I also believe they were originally intended to be condos. The residential component of CN appears to be full, but not on the terms originally intended. Still, that's better than having them vacant.

As for the restaurants and bars, it might be the case that those which have opened are doing well, but I wonder how many were planned and have not opened due to the delays with the project.

If this project does not end up like the Galleria, it may end up like the Arizona Center. The original circa 1990 Arizona Center had a sizable retail and nightlife component. Both failed over time, resulting in what we have now: restaurants and a little retail on the first floor and offices on the second floor. It's still mixed use, but not quite in the way planned. Another comparison might be the Camelback Esplanade, which is mostly offices with some limited retail and dining.
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  #132  
Old Posted Jan 5, 2010, 4:09 PM
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So what's going to happen then? I'm not familiar with this kind of thing at all. It just gets sold at an auction to another developer or a new owner or what?
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  #133  
Old Posted Jan 5, 2010, 4:56 PM
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Somebody may pick it up for a song, but I hope the foreclosing lender loses their ass on this.

--don
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  #134  
Old Posted Jan 5, 2010, 5:13 PM
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So if someone DOES pick it up for a bargain, is it probable that they'll pump in the remaining money needed to complete the project?
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  #135  
Old Posted Jan 5, 2010, 7:22 PM
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^ Who knows? That is pure speculation at this point...

--don
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  #136  
Old Posted Jan 5, 2010, 9:21 PM
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We had a similar thing happen here in Austin one of our shopping centers that hasn't been open long went into foreclosure but the malls opperation wasn't affected or anything.

http://www.statesman.com/business/co...6galleria.html
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  #137  
Old Posted Jan 6, 2010, 5:46 AM
bwonger06 bwonger06 is offline
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Originally Posted by Evil Empire View Post
So if someone DOES pick it up for a bargain, is it probable that they'll pump in the remaining money needed to complete the project?
I doubt it. You probably see a private equity (investors who care nothing except making return on money) buy it up at the auction, sit on it for 5 years and collect the income. When the market rebounds, the private equity sell it to a developer. I do not see any developer touching anything like this.
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  #138  
Old Posted Jan 6, 2010, 3:17 PM
glynnjamin glynnjamin is offline
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They interviewed some ugly broad on Fox the other night, asking her about what she thought of the CN foreclosure. She said she rented there and loved it ("it was liking living in a big city" LOL) and that she wanted to buy a condo there if they would sell them. Not sure what that meant but it seemed to pertain to the conversation above about rents/leases.
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