Crescent Breaks Ground On Apartments at Phoenix-Area Mixed-Use
The community and its surrounding buildings will span an entire city block.
Crescent Communities has broken ground on NOVEL Heritage Park, a 288-unit luxury apartment community located in Heritage Park, a 10-acre mixed-use development taking shape in Gilbert, Ariz. The property is expected to deliver in 2027.
Situated on an entire city block northern gateway of Gilbert’s Heritage District, the community is a part of the district’s first phase, which will also include 47,000 square feet of retail and dining space, a landscaped public square and more than 300 parking spaces. These components are slated to open next year.
Crescent is partnering with Creation for the project’s first phase. The firm is active in Sun Belt markets including Nevada, Texas, California and Florida, in addition to New York, New Jersey and Tennessee.
Activity in Gilbert
Developers building most apartments outside the Phoenix city center are doing so in response to the influx of new residents, according to Doug Ressler, business manager at Yardi Matrix.
The Phoenix metro area surpassed 5 million inhabitants after the pandemic. In Mesa, population growth spurred an increase in downtown apartment construction. This sought-after suburb accelerated development, with more than 1,556 apartments breaking ground, which is half of all new units built in its downtown after 2020.
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Gilbert’s growth in particular has been nothing short of explosive, according to John Crow, CEO of Century 21 Commercial.
“It has been driven by strong population inflows, a highly educated workforce, access to Loop 202, and a surge in tech jobs,” he told Multi-Housing News.
Large-scale developments like The Ranch, a $1 billion mixed-use community, and Northside at SanTan Village is transforming key corridors with a blend of residential, retail, hospitality, and industrial, Crow said.
In April, Thompson Thrift broke ground on The Gilmore, a $225 million, 35-acre mixed-use development in Gilbert. The project will include 300 apartment homes, and it is expected to open in early 2027.
