CityNorth foreclosure sale postponed until June
by Michael Clancy The Arizona Republic Mar. 30, 2010 01:49 PM
A foreclosure sale of CityNorth's High Street that was scheduled for Wednesday was postponed at the last minute.
The sale now will take place on June 2.
The sale was postponed at the request of the lender, Capmark Financial. Capmark, which is in bankruptcy, filed foreclosure against the owners of CityNorth in late December.
The CityNorth group, which includes the Klutznick Co. and Related Urban Development, owes more than $290 million to Capmark.
No reason was given for the postponement.
High Street, the initial phase of the 144-acre project at 56th Street and Loop 101 in northeast Phoenix, opened in November 2008. Subsequent phases were supposed to open annually, but the economic slump put an end to those plans.
High Street includes apartments, offices, restaurants and retail.
Currently, future work at CityNorth is on hold, pending financing for new phases.
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