Gilbert, Ariz. — A partnership between Las Vegas-based IndiCap, Salt Lake City-based Colmena Group and locally based Langley Properties has received final entitlement approval from the Town of Gilbert’s Planning Commission to begin construction for The Ranch, a proposed $1 billion mixed-use development in Gilbert.
Situated near the Phoenix-Mesa Gateway Airport and Arizona State University’s Polytechnic Campus, The Ranch will span more than 295 acres and is anticipated to become Gilbert’s largest mixed-use development to date, according to the development team. The project is also expected to create roughly 6,000 jobs during construction.
“This entitlement approval marks a turning point not just for The Ranch, but for Gilbert as a whole,” says Todd Ostransky, vice president of regional development at IndiCap. “This development is designed to meet the evolving needs of businesses and residents while driving sustainable economic growth in the region.”
Upon full build-out of the multi-phase project, The Ranch will include a 221-acre light industrial component totaling 3 million square feet, 34 acres of retail space and 729 multifamily units across three communities.
Steve Larsen of JLL is managing leasing efforts for the industrial portion of the project.
Phase I of The Ranch — which is set to break ground in the fall — will include Harvest Village, a neighborhood retail center that will comprise 51,000 square feet of commercial space across seven buildings. Jennifer Hill of GPS Advisors will be handling leasing and sales at the center.
The Ranch’s second retail component, dubbed Corner Springs, will span 78,000 square feet, and will offer four dedicated drive-thru pad sites, as well as retail, restaurant, office and patio space. Mark Bramlett of Lee & Associates is leading the brokerage efforts for Corner Springs.
Phase I will additionally include the development of roughly 18 acres of open space, featuring walking trails, seating and gathering areas, as well as infrastructure improvements such as turn lanes, traffic signal upgrades, street lighting and landscaping.
Founded in 2021, IndiCap has developed more than 30 million square feet of commercial real estate throughout the industrial, office and retail sectors.
Colmena Group holds a current portfolio valuation of more than $1.6 billion and has developed, co-developed and invested in multifamily, senior living, office, student housing, research parks, retail, hotel, industrial warehouses and mixed-use properties since 2008.
With over 60,000 acres owned across the Southwest United States, Langley Properties currently manages and leases prime office and retail space in Alabama, Georgia, Kentucky, North Carolina, and Tennessee.
— Abby Cox