Design and Zoning Approved for Heritage Park in Gilbert, AZ
Phoenix, AZ – (February 17, 2022) – Creation, an alternative investment and real estate development firm, announced its joint venture on Heritage Park, a commercial mixed-use destination in the heart of Gilbert, Ariz. with Crescent Communities, a nationally-recognized, market-leading real estate investor, developer, and operator of mixed-use communities, and real estate investment firm, FCP®.
Located in the Southeast Valley of Phoenix, Heritage Park, which recently received its city rezoning approval, will start construction in Q3 of 2022 and is expected to be completed in 2024. The project will bring a unique live – work – play environment to one of Arizona’s fastest growing urban communities. The project will include a +/- 154,000 square-foot five-story office building, a 100-room hotel, a 288-unit apartment community, and room for five or more on-site restaurants and retail destinations via +/- 36,000 square feet of retail space.
“This project has been in the works for several years and our team could not be more excited to get it started,” said Creation Co-founder David Sellers. “It has been extremely rewarding to be part of Downtown Gilbert’s growth and see it turn into the dynamic downtown core it is today. Heritage Park will be the fourth development our team has led in Downtown Gilbert, and we knew bringing in Crescent Communities and FCP would make this our most successful project to date.”
Heritage Park will sit at the north end of Downtown Gilbert’s bustling Heritage District and feature more than 30 restaurants by some of Arizona’s best chefs, an eclectic shopping experience, and many notable community events, including a farmer’s market, art walks and live music at Water Tower Plaza, a +/- 17,000-acre park.
“Our commercial division has had a goal of expanding into the growing Arizona market for several years and we’re proud to make that a reality in 2022,” said Sagar Rathie, managing director of office and mixed-use at Crescent Communities’ commercial business unit. “We’re fortunate to already have an established presence in Phoenix with our highly successful, multifamily division, so this is a natural extension for our commercial platform. Our joint partnership with Creation and FCP ensures we can make Heritage Park an exceptional mixed-use destination for the Heritage District and broader Gilbert community.”
A convenient, accessible, and walkable neighborhood with ample parking, Heritage District is an attractive destination for residents and employees of all ages. Gilbert itself has several accolades including #1 Most Prosperous City in the Nation (Economic Innovation Group, 2017), Best Place to Raise a Family (Niche.com, 2018), #1 City Where Millennials are Buying Homes (SmartAsset, 2020), and the 12th Best Place to Live in America (24/7 Wall Street Journal, 2017).
"FCP is excited to be part of this collaboration with Creation and Crescent Communities, continuing and expanding our relationship and building on the exemplary work they have put into the project to date," said FCP Vice President Bart Hurlbut. "Heritage Park will both benefit from and enhance Gilbert's vibrant Heritage District, bringing a complete live-work-play experience to an important strategic market for FCP."
Together, the partnership with Creation, Crescent Communities, and FCP will continue expanding its footprint in Arizona with Southbridge, another premier commercial endeavor they recently announced in the ‘Old Town’ Scottsdale, Ariz. area in late 2021.
In addition, the group is working with a variety of partners to bring Heritage Park to life, including CBRE (office leasing) and Ox Urban (retail leasing).
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Creation is a Phoenix-based alternative investment and real estate development firm founded by David Sellers and Bob Agahi. Creation has a growing pipeline of over $3.8 Billion of ground-up developments in six U.S. states. Creation’s alternative investment platform has co-founded four companies since 2015 and participated in the funding of more than 90 burgeoning technology startups across the country. Creation also holds several ownership positions in experiential entertainment concepts throughout the country, www.creationequity.com.
About Crescent Communities
Crescent Communities is a nationally recognized, market-leading real estate investor, developer and operator of mixed-use communities. We create high-quality, differentiated residential and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 69 multifamily communities, 22 million square feet of commercial space and 60 single family master-planned communities. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix and Salt Lake City. Our residential communities are branded NOVEL, RENDER and HARMON by Crescent Communities.
FCP® is a privately held real estate investment company that has invested in or financed more than $9.3 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.