Welcome Gilbert, Arizona––Phoenix's Hottest Town
Once known as the “most affordable city in the West,” the Phoenix metro area has seen home prices skyrocket over the past decade. Much of this growth stems from two factors: An influx of transplants and development of luxury retail and home development projects.
No one has prospered more from this change than Gilbert, Arizona. The town has added around 1.5 million square feet of retail over the past year and continues to grow with two brand-new mixed-use retail development projects. Looking at the differences in home prices between Gilbert ($388k) and the Phoenix-Mesa-Scottsdale Metro area ($286k), it’s pretty clear Gilbert’s growth has been exponentially accelerating.
What’s Fueling Gilbert’s Growth?
The Gilbert area has two major projects in the works. The first development, Cooley Station, is a massive 650-acre development including single and multifamily residences, and about 150,000 square feet in commercial space. This area will have dozens of restaurants, retail shopping, and its own multifamily residential units.
Epicenter at Agritopia
The Epicenter at Agritopia is a vertical, mixed-use center that will function more like a town inside a town. The community-retail center will feature several home and retail choices for its residents––including 49,000 square feet of space for shopping plazas. It will also include single and multifamily residences and top-end restaurants for luxury dining.
An Influx of New Companies
With companies like ZipRecruiter, Stitch Fix, Apple, and Google either moving or launching new offices in Phoenix, the area has seen a massive migration of transplants. Companies are moving to places like Phoenix due to the high cost of living in cities like Los Angeles. With Gilbert being located within driving distance of the downtown area and the creation of the new light rail for transportation, the increase in housing demand should be adequately met by these new projects.
What Will Be the Economic Impact?
Gilbert officials are very confident regarding the economic impact of these two development projects. In 2017, Gilbert had $221 million for a similar project and was able to produce almost 1700 jobs and $20 million in tax revenue. This proof of concept is something that local officials will be banking on with the development of these two massive projects.
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