Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL.)

PHOENIX-Chicago-based Thomas J. Klutznick Co., developer of the 144-acre, five-million-sf CityNorth, has snagged its first anchor tenant. Nordstrom Inc.’s takedown of 144,000 sf will kick off the project’s $1.2-billion, 2.5-million-sf first phase.

John Klutznick, vice president with Klutznick Co. and partner in the development, will only say that the specialty retailer’s commitment is long term. The mixed-use CityNorth’s first phase, which will face High Street, will break ground in the fall and deliver in fall 2007. Nordstrom’s scheduled to open in fall 2009.

Klutznick tells GlobeSt.com that it will take eight years to build out the land, which is situated between Tatum Boulevard and 56th Street along Loop 101. He says he’s talking to other anchors, but isn’t holding any more signed deals as yet. The quoted rates aren’t available.

“This first phase will be a true mixed-use project, with retail, restaurants, office above retail and residential above retail,” Klutznick says. “There will also be apartment product and condo product.” The remaining phases, which Klutznick indicates will break ground as the market dictates, will include more of the same as well as public plaza areas and pedestrian walkways.

The Related Cos. of New York City is handling the preleasing campaign on the national retail front while Southwest Retail Group Inc. of Scottsdale, AZ is steering local retail and restaurant dealmaking. A CB Richard Ellis team in Phoenix is preleasing the office space; Signature Properties of Phoenix has the residential component. CityNorth was designed by Nelson Architects’ Phoenix team and Elkus Manfredi Architects Ltd. of Boston. Hensel-Phelps Construction Co., headquartered in Greeley, CO, is the general contractor.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.