A long-awaited transformation is finally underway in Gilbert. Here’s what real estate investors should know about the $500 million Heritage Park project:
🔨 Project Overview
- Location: 10-acre site at the north entrance of Gilbert’s Heritage District
- Developer: Creation, in partnership with Crescent Communities
- Scope: Mixed-use development with retail, restaurants, luxury apartments, a hotel, and office space
🏗️ Key Milestones
- Construction Start: May 2025
- Phase One Opening: Mid-2026 – 47,000 sq. ft. of retail/restaurants + public square
- NOVEL Heritage Park Apartments: 288-unit luxury complex, opens March 2027
🍸 Featured Restaurants
- Ghost Donkey (craft mezcal bar)
- Palma (lush desert bar concept)
- Blue Sushi Sake Grill
🏘️ What This Means for Investors
- Fills a Gap: Downtown Gilbert lacked rental housing—this brings high-end supply online
- Tenant Magnet: Premium restaurants + luxury living = reduced vacancy risk
- Mixed-Use Momentum: Retail, office, and hospitality create a stable, diversified tenant base
💡 Strategic Investor Insight
- Gilbert’s tight zoning and prior focus on retail left a hole in the rental market—this project fills it
- Heritage Park adds “live-work-play” infrastructure that will attract affluent renters