Gilbert Town Council Approves Development Agreement for 9.1 Acre Site in the Heritage District
Gilbert, Ariz. – The Gilbert Town Council has unanimously approved a development and disposition agreement (DDA) with Heritage North Partners, LLC (DMB/LGE) for the development of the 9.1-acre site located just south of Juniper Avenue, west of Gilbert Road, in Gilbert’s Heritage District.
The Development will help to fulfill the Heritage District’s Redevelopment Plan and will encompass a minimum of 500,000 square-feet of mixed uses, including retail, hotel, class A office, multifamily housing, an urban park, the north component of the paseo, and structured parking. The DDA also provides for District arrival signage at the northeast end of the Heritage District, a $350,000 contribution to the Town of Gilbert for improvements to the Heritage District, improvements that integrate the project to the western powerline trail, improvements to the western powerline trail including no less than $150,000 in public art, and a commitment to one phase of development, with certificate of occupancy anticipated between Q2 – Q4 of 2021.
“We are thrilled to be working with Heritage North Partners on the development of this important site,” said Gilbert Mayor Jenn Daniels. “We’ve seen a tremendous amount of growth in the Heritage District and have received a great deal of citizen input on its future and it’s exciting to see that this will enhance the entire community.”
“We look forward to working with Heritage North Partners to attract office, retail, community life, and hospitality to the Heritage District, diversifying the development mix and enhancing the visitor experience,” said Dan Henderson, Economic Development Director for Gilbert, AZ.
Development planning for this site kicked off in January 2018 when the Gilbert Town Council directed staff to release the public request for qualifications (RFQ). The RFQ opened in March 2018, and developer interviews were held in August 2018. The shortlisted firms were asked to submit formal requests for proposal (RFP) by October 9, 2018. The three finalist firms participated in a working session with the selection panel on October 16, 2018. Following this working session, the Gilbert Town Council directed staff to enter negotiations with DMB/LGE.
Heritage North Partners, LLC are required to close on the property no later than nine months after the opening of escrow, however, closing may be extended by up to four months subject to extension payments. The minimum purchase price for the property is currently set at $5,332,000, and serves as the baseline price, however the actual fair market value of the property will be determined and negotiated from this baseline. The final purchase price will be determined no later than 45 days after opening of escrow.
Learn more about Gilbert’s Heritage District and the area’s Redevelopment Plan at www.gilbertaz.gov/HeritageDistrict.
For all media inquiries, please contact:
Jennifer Harrison, Digital Media & Marketing Officer, Gilbert, Arizona
DMB/LGE, Developer Contact