The Gilbert Town Council is scheduled to vote to approve the $4.6M sale of 2.88 acres at the south end of the Heritage District for a mixed-use development.
The South Anchor plan has been called a critical component in the District’s development, serving as a gateway into downtown.
The agreement under consideration with Keeley Development Group would create a 344KSF building with 200 residential units wrapped around a parking structure, 2KSF of general commercial and 2KSF of community/co-working space. A grocery store is one possible use for the area.
Unlike some projects previously proposed in the Heritage District, the developer does not intend to request a variance on the 55-foot maximum building height.
In addition to paying for the land, KDG will also make a $250K contribution to improvements in the District and will develop extensive improvements of its own. The company has agreed to design and build the eastern half of North Ash Street between Bruce Avenue and Elliot Road, subject to plan approval by the Town. It will also put in a pedestrian and bicycle path to be known as Water Tower Way from Elliot to Juniper Avenue.
The agreement requires the developer to close the sale by Feb. 28. Four 30-day extensions are possible if KDG pays a $250K extension deposit. A tentative development schedule allows for construction to begin in Jan. 2024, with a targeted completion of Nov. 2025. (Source)
