PHOENIX -- A struggling Phoenix luxury development changed ownership Monday with the hopes of changing its fortunes, as well.
According to Phoenix Business Journal, CityCenter, the northeast Phoenix luxury development near Desert Ridge will be getting a bit of a makeover from Scanlan Kemper Bard Cos., a Portland-based real estate firm.
The new owners plan to create tenant improvement and re-brand CityCenter in order to attract entertainment-type retail tenants.
"CityCenter of CityNorth is an extraordinary real estate asset created by a developer with a reputation for high-caliber work," Bob Scanlan, principal and CEO of Scanlan Kemper, said in the statement. "The price and quality of the mixed-use development were very attractive to our team, as is the opportunity to participate in the recovery of the Phoenix market."
CityCenter is part of larger complex called CityNorth, which consist of 330,000 square feet of office space, 175,000 square feet of ground-level retail space and 99 condominiums currently being leased as apartments.