96.5 acres in Desert Ridge sell for $54 million
Crown Realty & Development, a renowned California-developer behind significant projects in Arizona, through controlled affiliates, has closed on 96.5 acres and acquired the “Master Developer” rights in North Phoenix’s Desert Ridge master-planned community. The property and rights have been the subject of active litigation and bankruptcy for a decade. Crown now plans to develop the land as a new urban core in Phoenix.
Crown’s winning bid for the land was $54 million while the Bankruptcy Court had previously valued the land as high as $121 million.