Investors eyeing downtown Mesa, take note: a high-potential infill project is back on track.
Here’s what you need to know:
- The GRID project, originally launched in 2017 as a mixed-use, 286-unit residential complex, stalled after the initial developer filed for bankruptcy in 2024.
- The City of Mesa stepped in smartly, securing $1.7 million in escrow, which was used to complete right-of-way work and protect the site.
- Soltrust Main has been selected as the new developer to finish the project over three phases, eventually acquiring the city-owned land (valued at $2.98M).
- Mesa will forgo claims exceeding $770,000 in unpaid fees from the previous developer—an intentional move to prioritize long-term development momentum.
- Officials acknowledged the original error: a no-bid deal based on excitement rather than competition. Future projects will require more scrutiny and multiple bids.
Why This Matters for Arizona Investors
- Downtown Mesa is ripe for redevelopment—the GRID’s completion will anchor further growth.
- Infill projects like this create opportunities for value appreciation and passive income.
- The city’s experience underscores the importance of risk management in public-private partnerships—and investors should take the same lesson to heart.
- Phased construction gives developers room to scale with demand, and investors should track timelines and leasing phases closely.