A 35-acre plot of land in Gilbert, Arizona, has been purchased by Thompson Thrift for a mixed-use project called The Gilmore. The $225 million development will have an upscale apartment complex. Additionally, it will feature more than 200,000 square feet of upscale dining and shopping.
In the first half of 2023, construction on the project is anticipated to begin. Upon the completion of The Gilmore in Arizona, the neighborhood will have 300 homes. These will include independent apartment buildings on the northwest corner and lofts over some of the commercial structures.
Phoenix Commercial Advisors will act as the company’s representative for leasing the project’s retail space.
Amenities of The Gilmore in Arizona and other developments in the region
The development will feature a main street-style entrance, covered pathways, furniture for common areas, and outdoor meeting areas.
The construction site of The Gilmore in Arizona is situated on the northwest corner of Val Vista Drive and Germann Road, just off Loop 202. Phoenix-Mesa Gateway Airport is only 9 miles from Gilmore. Moreover, the Val Vista Lakes neighborhood and the several nearby parks will be easily accessible to residents. Furthermore, there are various medical facilities and dining alternatives along South Val Vista Drive.
Data from Yardi Matrix shows that Thompson Thrift Residential currently has three projects in Phoenix that are in development. The business is well-established in Arizona, and it has more than 20 industrial, multifamily, and retail projects totaling an estimated $1.5 billion in development.
This year, Thompson Thrift also unveiled plans for three additional high-end home developments across the country.
The Quarry, a 319-unit community in Fort Collins, Colorado, and Canter, a 320-unit project in Ocala, Florida, both of which are expected to be finished in the summer of 2023, were both broken ground by the company in March and May, respectively. The Depot, a 300-unit neighborhood in Kansas City, Missouri, is the most recent undertaking.