Plans are in the works for the construction of a five-story structure in Gilbert that will house up to 300 luxury apartment units.
The project belongs to the Indianapolis-based Thompson Thrift Development and will include more than 200,000 square feet of what is described as “boutique restaurant and retail space.”
To go up on a more than 35-acre site on the northwest corner of Val Vista Drive and Germann Road, the project, officially called The Gilmore, will also feature common area seating, covered walkways, and lush landscaping.
In a statement issued on Thompson Thrift’s website, Chris Hake, a senior vice president with the company, predicted robust leasing at the site due to its “proximity to the Val Vista and 202 Loop exchange, strong daytime population, and the high-end residential neighborhoods that surround the site.”
Those high-end neighborhoods have nearly sprung up in the last two generations, as Gilbert’s population has boomed from 29,000 in the 1990s to nearly 270,000 today.
It is expected that the project will cost around $225 million to build, with work at the site beginning before next spring.
Specializing in commercial and mixed-use development, and with a concentration in the Midwest, Southeast, and Southwest, Thompson Thrift has to date spearheaded nearly $4 billion in residential and retail projects.
By Garry Boulard
