Jury awards $110M to Gray Development

A jury has awarded a Phoenix developer $110 million in connection with a stymied high-end apartment project near the CityNorth development in North Phoenix. Gray Development and its principal, Bruce Gray, were awarded $110,650,000 on Tuesday by a jury at Maricopa County Superior Court, which found against the defendant, Northeast Phoenix Partners, according to Michael Kibler. Kibler, who represented Gray, is a partner in the Los Angeles law office of New York-based Simpson Thacher & Bartlett LLP. Northeast Phoenix Partners is the master developer of Desert Ridge and is controlled by Valley developer Thomas J. Klutznick Co. Klutznick is the developer of the CityNorth project. “It was our theory, and a jury agreed, that in order to protect their CityNorth project, Northeast Phoenix Partners blocked Gray’s effort to develop his property at every turn,” Kibler said. Kibler said that in 2004, Bruce Gray bought a 41-acre parcel at the northwest corner of Tatum Boulevard and Deer Valley Road for $32 million through a State Land Department auction. Gray made payments on the property and invested in design plans and upgrades to develop a community of 1,162 high-end apartments.

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