The much awaited project CityNorth, which is planning a “Hollywood Style” opening in November just announced a portion of the existing residential condominiums in Phase I will become rentals. Phase I includes several shops and restaurants, in addition to the 99 residential units.
The multi-billion dollar mixed-use development is nearing completion of its first phase in North Phoenix, just north of the Loop 101 and west of 56th Street. The developers also announced this week that Pioneer Stores USA, the electronic giant will open its 2nd U.S. store at CityCenter of CityNorth. The remaining phases will include hotels, major retail, offices and more residential condos with a 8+ year build-out. A majority of the retail, which includes a Nordstrom, Macy’s and Arizona’s first Bloomingdale’s, will break ground next year and open in late 2010. Also part of the North Phoenix/Scottsdale raw land corridor, CityNorth is the first to open between its rivals to the east, Palisene and One Scottsdale.
Out of the current 99 condominiums, 60 of them will be initially available for lease, while the remaining 39 units are still for sale, starting at $465,000 up to more than $1 million. The rentals will virtually offer the same package of amenities that a buyer would get, but renters will sign either a six, nine or 12-month lease instead of a deed. Renters can expect to pay around $2 per square foot per month, according to the developer. Analysts believe that number is high for this market, where the 750 SF, one bedroom apartment would rent for $1,500 per month.
Check out their website for more info: citynorthaz.com
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