Thompson Thrift, a full-service nationally recognized real estate company, announced the acquisition of a 35-acre parcel in the Phoenix suburb of Gilbert. where the company plans to develop The Gilmore, a mixed-use project with luxury apartment homes and more than 200,000 square feet of boutique restaurant and retail space. The company expects to break ground on the development in the first half of 2023. Thompson Thrift paid $21,236,768 for the land, according to Vizzda.
The $225 million development will bring boutique restaurants, retail and multifamily to Gilbert.
“As Gilbert’s path of growth has extended south in recent years, there is strong demand from residents to have elevated shopping and dining options near where they work and live,” said Ashlee Boyd, managing partner for Thompson Thrift Commercial. “We are excited to collaborate across Thompson Thrift’s commercial, residential and construction business units to bring a high-end, mixed-use project to the community.”
Located just off Loop 202 South Mountain Freeway on the northwest corner of Val Vista Drive and Germann Road, The Gilmore is located in the heart of the southeast valley and is expected to bring a host of regional and local retailers, restaurants, entertainment-based and service-based tenants to the community.
Thompson Thrift has designed The Gilmore to provide a sense of place and will feature a seamless blending of retail, restaurants and residential uses with a Main Street-style entrance, beautiful landscaping, covered walkways, common area seating, local artist murals and multiple outdoor gathering spaces.
“Mixed-use developments like The Gilmore are possible for Thompson Thrift because of the synergy between our Commercial and Residential development companies. This in-house relationship allows us the ability to work with planners and designers to partner with local municipalities to deliver a first-class development that will be well received by local residents,” said Josh Purvis, managing partner for Thompson Thrift Residential.
Chris Hake, senior vice president, director of the Southwest region for Thompson Thrift, added, “We expect leasing interest to continue to be robust due to the Gilmore’s proximity to the Val Vista and 202 Loop exchange, strong day time population and the high-end residential neighborhoods that surround the site.”
Phoenix Commercial Advisors, an experienced Arizona retail commercial brokerage, will be representing Thompson Thrift in leasing the retail component of the project.
“The Gilmore will be a unique, high-density mixed-use project in the southeast Valley. It will include boutique retail, full-service and fast-casual regional and national restaurants along with high-end multifamily residential,” said Zach Pace, senior vice president for Phoenix Commercial Advisors.
Gilbert is located southeast of Phoenix in Maricopa County, about 18 miles from Scottsdale. The city’s dedicated attention to nurturing local and regional businesses, its attractive cost of living, economic diversity and a highly ranked public school system helped it earn the title as the best place to live in Arizona as well as the most prosperous large city in the nation.
Thompson Thrift is a full-service real estate development company focused on ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest. Since its founding more than 30 years ago, Thompson Thrift has invested more than $3.8 billion into local communities and has become known as a trusted partner committed to developing high-quality, attractive retail and residential projects.
Thompson Thrift is well-established throughout Arizona with more than 20 retail, multifamily and industrial projects in development, with an estimated volume of more than $1.5 billion.