A billion-dollar transformation is underway in Gilbert, Arizona, and it could have big implications for real estate investors targeting the East Valley.
🏗️ Key Highlights from The Ranch Project
- Massive Mixed-Use Plan: Developers IndiCap and Colmena Group are turning 311 acres at Elliot and Power Roads into one of the largest mixed-use sites in the Valley.
- Industrial Core:
- 72% of the site (221 acres) dedicated to industrial
- 11 industrial buildings totaling over 3 million sq ft
- Sizes range from 67,000 to 880,000 sq ft
- Multifamily & Retail:
- 729 apartment units across 39 acres
- 90,000 sq ft of retail/commercial space, including 6 standalone restaurant buildings
- Community Features: Walking paths, green space, and architectural touches that blend with surrounding neighborhoods
🚧 Phased Construction Strategy
- Project will be built in three phases
- A 16-acre buffer will be developed first to separate the site from nearby Morrison Ranch homes and serve as water retention
- Flexibility built into industrial construction timing due to high local vacancy rates
🔁 Course Correction from Community Pushback
- Original plans were heavily industrial
- Neighborhood opposition led to the addition of residential and retail to secure town approval in 2023
📅 What’s Next
- Gilbert Planning Commission study session scheduled for April 2
- Developers aim for full approval by the June 4 planning meeting
💡 Why It Matters for Investors
- Industrial Market Watch: The Ranch adds significant supply to the Gilbert-Mesa submarket. Timing will be critical due to current oversupply.
- Multifamily Demand: East Valley continues to see strong rental demand. 729 new units could offer competition—or opportunity—for SFR landlords to emphasize privacy and amenities.
- Retail Strategy: Restaurant and retail components will make this area even more attractive to residents and renters.