$110M judgment gives Gray ability to go after proposed CityNorth land

Phoenix-based Gray Development Group, which builds upscale apartments, has obtained a $110 million judgment in Maricopa Superior Court against the Thomas J. Klutznick Co. Gray won a $110 million award from Klutznick Co. in July 2010 after a lengthy trial in which the jury agreed that Gray had been deliberately prevented from building an apartment community near CityNorth. CityNorth and the surrounding Desert Ridge master plan had been created by North Phoenix Partners, an entity comprised of Klutznick Co. officials. The judgment now allows Gray Development greater latitude in obtaining money and assets from Chicago-based Klutznick Co., according to Michael Kibler, an attorney representing Gray. “The entry of final judgment is a significant event that changes the status quo because it is a legally operative document that allows Gray to execute on NPP’s assets,” Kibler said in an e-mail to the Phoenix Business Journal.

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