Johnston Properties Adds New Development in Phoenix
The owner of Agritopia and Barnone, two developments in Gilbert, Ariz., entered a joint venture with IPA/Liv Communities to develop its third community in the area. The project is slated to break ground this fall.
By Roxana Baiceanu
Epicenter in Gilbert, Ariz.
Johnston Properties is getting ready to add a new development to its Gilbert, Ariz., community. The owner of Agritopia and Barnone has entered a joint venture with IPA/Liv Communities to build Epicenter, a four-building community which will offer 287 residential units and 55,000 square feet of retail space. The project is scheduled to break ground this fall with completion slated for 2019.
“Epicenter is the capstone to my family’s legacy in Gilbert, where we’ve been farming since the 1960s. We can’t think of a better project for the current marketplace than Epicenter, which will add value to Gilbert and the East Valley, set new standards of mixed-use development and promote Arizona-based businesses. This is the biggest and most unique project we’ve ever done,” said William Johnston, the project manager, in prepared remarks.
Appealing to businesses across the state
The residential component of the property will offer studios, two- and three-bedroom apartments varying in size from approximately 500 to 2,000 square feet. Residents will also have access to in-house health and wellness services offered by Dr. Worden, The Yoga Center and Cycle Ave.
The retail component will make room for approximately 30 businesses from across the state, many of which are expected to come from the food industry. The first round of businesses signing the tenant roster are Tucson-based Obon Sushi & Ramen and Bird Southern Table & Bar, as well as Gadzooks Enchiladas & Soup and the Rice Shop, which will be opening their first locations in Gilbert.
The area boasts very strong demographics, with approximately 100,000 people living within three miles of the site. Median household income exceeds $85,000, according to the Environmental Systems Research Institute. The project is expected to generate more than 250 jobs and $7.9 million in annual personal income in Gilbert over the next 10 years.
Several companies will also take part of bringing up the development: Vintage Partners as development consultant, Ryan Cos. as general contractor, Whitneybell Perry of Chandler as architect, Terrascape as civil engineer and Floor of Phoenix as landscape architect. Newmark Knight Frank will lead the leasing efforts.
Rendering courtesy of Johnston Properties
