Phoenix Business Journal$290 million
The Business Journal says the foreclosure targets the so-called"High Street" companies of the 5.5-million-square-foot project'sfirst phase at Loop 101 and Tatum Boulevard. The entire developmentis a joint venture between the Related Cos. LP, Thomas J. KlutznickCo. and JER Real Estate Partners.
The first phase broke ground in 2006 when Nordstrom agreed tosign as the project's anchortenant. However, the Business Journal says the crumblingeconomy forced Nordstrom to pull out of the project. The two otherfirst-phase retailers, Macy's and Bloomingdales, have pushed theiropenings back until 2010.
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