Developers of a 311-acre master-planned area called The Ranch closed the land sale for $107.5 million in Gilbert.
The joint effort between Indicap, Comena Group and Langley Properties closed on the deal with The Dale C. Morrison Trust Monday, following two years of negotiations.
The Ranch, along the northwest corner at Power and Warner roads, was a point of contention for many residents over the past year.
Residents of the Morrison Ranch neighborhood pushed back on the earlier vision for the project that called for nearly 255 acres of industrial zoning. They were concerned with safety and traffic and how the project would fit in with the Morrison Ranch community.
Residents threatened to launch a referendum if the council approved the zoning changes, which triggered developers to pause and reevaluate their master plan for The Ranch in the hopes of finding a middle ground with residents. Following numerous months and neighborhood meetings, the two groups were able to find a compromise that would better buffer the industrial projects from the neighborhood as well as bring more commercial development to the area.
The “all-cash transaction” is one of the largest land sales of the year. The project is expected to be a billion-dollar investment to the area.
“With the land acquisition now complete, our attention shifts decisively to finalizing the design and leasing and the exciting phase of construction ahead,” said Todd Ostransky, vice president of development for Indicap in a prepared statement.
Groundbreaking is scheduled for the third quarter of 2024, according to the news announcement.
What’s planned for The Ranch
The Ranch will include:
- 221 acres of light industrial space,
- 34 acres of general commercial development,
- 39 acres for multi-family housing, and,
- 16 acres of green space.
The “green space” will serve as a buffer between the single-family homes north of the project. Initial plans of the commercial space include opportunities for restaurants, drive-throughs, storage, convenience stores, small offices, a fitness center, small grocer or dental office.
The developers will also spend $20 million on offsite improvements that include roads and landscaping.
The project restricts different types of businesses from locating at The Ranch, including, but not limited to:
- Battery manufacturing facilities.
- Toxic waste incineration facilities and storage sites.
- Marijuana cultivation or dispensaries.
(Except for the headline, this story has not been edited by PostX News and is published from a syndicated feed.)