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PHOENIX (AP) - The lenders on the CityNorth project's first phase are foreclosing on the project.

Last week, Chicago-based Capmark Finance filed foreclosure papers on the 144-acre development.

The project, known as High Street at 56th Street and the Loop 101, includes several boutique and designer shops, restaurants, upscale apartments and office buildings.

According to a document filed with the Maricopa County Recorder, a foreclosure auction date has been set for March 31.

CityNorth developers Klutznick Co. and Related Cos. owe nearly $300 million to Capmark, formerly known as GMAC Commercial.

Developer John Klutznick said work continues on additional phases of CityNorth, with construction beginning "when financing becomes available."