Gray Development takes step to takeover of CityNorth project

It's far from a done deal, but it is possible, maybe even probable, that Gray Development Group will take over CityNorth's undeveloped property and the controversial $97.4 million development agreement with Phoenix. Gray, which won a $110 million jury verdict against Northeast Phoenix Partners in July, still faces numerous legal hurdles before such a result is completed. Northeast Phoenix Partners, with the Klutznick Co. as sole partner, has been the key developer of the CityNorth project, which has remained dormant since the opening of Phase 1 in November 2008. It also is the key party to the economic-development agreement, which the Arizona Supreme Court allowed to stand despite legal concerns.

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