Landmark Phoenix Development Heritage Park Officially Begins Construction
PHOENIX (May 22, 2025): Crescent Communities, a nationally recognized, market-leading real estate investor, developer, and operator of mixed-use communities, in partnership with Creation Equity, an alternative investment and real estate development firm, announced today the official land close and upcoming groundbreaking for the first phase of construction at Heritage Park. One of Phoenix’s most anticipated developments, Heritage Park is set to become the region’s premier cultural destination for professionals, families, and neighbors to gather with retail and luxury residences alongside community programming and future commercial office space.
This initial phase of development will encompass Heritage Park’s commercial retail spaces and its Class A multifamily community, NOVEL Heritage Park, which is set to deliver in March 2027. Part of Crescent Communities’ award-winning NOVEL line focused on luxury spaces in urban environments, NOVEL Heritage Park will include 288 for-rent residences with top-notch amenities, contemporary design, and engaging resident programming intended to build community and foster connections.
In addition to NOVEL Heritage Park, five retail buildings spanning 30,000 square feet will begin construction simultaneously. Flagship Restaurant Group’s Blue Sushi Sake Grill, Ghost Donkey, and Palma are among the site’s first ground-floor retail tenants.
Spanning one full city block and over 10 acres positioned at the southeast corner of Gilbert Road and Juniper Road, Heritage Park is located in Gilbert’s Heritage District within Phoenix’s Southeast Valley, ranked one of the region’s safest and fastest-growing places to live. With a vision built on merging recreational and professional opportunities, Heritage Park offers the modern luxuries today’s professionals need while still maintaining the intimate charm and warmth gatherers crave.
“Heritage Park is designed to be more than just a destination – it’s a place where culture, career, and community seamlessly blend together,” said Sagar Rathie, Managing Director at Crescent Communities. “By integrating Gilbert’s rich history with modern energy and sophisticated design, we’re creating an environment where residents, professionals, and visitors can gather, connect, and experience the best of the Heritage District. From elevated retail and dining to purposefully curated living spaces, Heritage Park captures the vibrant character and inviting atmosphere that makes Gilbert one of the most sought-after places to live and visit.”
“Since this project was conceptualized, our vision has been to create a place that elevates everyday life – where best-in-class residences, activated public spaces, and vibrant retail offerings come together in a way that feels both dynamic and distinctly local,” said Ken Keefe, Director of Development for Arizona at Crescent Communities. “We’re eager to see this district become a meaningful part of the community fabric and a go-to destination for connection, creativity, and culture.”
Future development phases will include Heritage Park’s on-site boutique hotel and office space, offering tenants unexpected designs and world-class, wellness-focused amenities. In addition to its built spaces, Heritage Park will feature a public courtyard with street art, green space, and extensive outdoor seating, primed for live entertainment, community events, and leisurely strolls.
Commercial partners include AV3 Design Studio, Flagship Restaurant Group, LGE Design Build, and Phoenix Commercial Advisors. Multifamily partners include AO Architects, CSI Contractors, ESG Design, Kimley-Horn, and Norris Design.
For retail leasing opportunities, contact Zachary Pace (zpace@pcaemail.com, 602-734-7212); Cameron Warren (cwarren@pcaemail.com, 602-288-3471); and Courtney Auther Van Loo (cauther@pcaemail.com, 602-288-3466).
Nationwide, Crescent Communities continues to experience significant growth with $7.2 billion of residential and commercial investments and developments in various stages of construction, operations, and planning. That pipeline includes 15,300 multi- and single-family build-to-rent units; 58,000 square feet of complementary retail space; and 7.5 million square feet of office, industrial, and life-sciences facilities. With a focus on environmental sustainability and wellness, Crescent Communities is a leading recipient of LEED, NGBS (National Green Building Standard), Fitwel, and WELL certifications.
Renderings of Heritage Park are linked here.
###
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 multifamily and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 86 multifamily communities and 25 million square feet of commercial space. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, and Phoenix. Our multifamily communities are branded NOVEL, RENDER, and HARMON by Crescent Communities, our industrial developments are branded AXIAL by Crescent Communities, and our life science developments are branded THE YIELD by Crescent Communities.
