Thompson Thrift Plans $225M Mixed-Use Project Near Phoenix – Multifamily Real Estate News

Rendering of The Gilmore. Image courtesy of Thompson Thrift

Thompson Thrift has acquired a 35-acre parcel in Gilbert, Ariz., for a mixed-use development named The Gilmore. The $225 million project will include a luxury multifamily community and more than 200,000 square feet of boutique restaurant and retail space. The project is slated to break ground in the first half of 2023.

According to Arizona Republic, the community will include 300 residential units—lofts above some of the commercial buildings and a standalone apartment community on the northwest corner. The project will include a Main Street-style entrance, covered walkways, a common-area seating and outdoor gathering spaces. Phoenix Commercial Advisors will represent the company in leasing the retail component of the project.

The development site is located off Loop 202, on the northwest corner of Val Vista Drive and Germann Road. The Gilmore will be approximately 30 miles from Phoenix, 25 miles from Scottsdale, with Phoenix-Mesa Gateway Airport only 9 miles away. Residents will have easy access to the Val Vista Lakes neighborhood and to numerous parks located in the vicinity. Dining options are available along South Val Vista Drive, along with several medical centers.

Thompson Thrift’s residential development projects

According to Yardi Matrix data, Thompson Thrift Residential currently has three projects in various stages of development and a recently completed community across Phoenix. The company is established throughout Arizona, with more than 20 retail, multifamily and industrial projects under development, worth an estimated $1.5 billion.

This year, Thompson Thrift also announced three other luxury residential projects across the US In March, the company broke ground on The Quarry, a 319-unit community in Fort Collins, Colo., and in May, construction started on Canter, a 320- unit development in Ocala, Fla., with both projects slated for completion in the summer of 2023. The latest project is The Depot, a 300-unit community in Kansas City, Mo.

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