Thompson Thrift Starts $225M Phoenix Mixed-Use Development
The 35-acre project will feature 300 luxury apartments.
Thompson Thrift has broken ground on The Gilmore, a $225 million, 35-acre mixed-use development in the Phoenix suburb of Gilbert, Ariz. The company expects to deliver the residential portion of the project – a 300-unit, luxury apartment community called The Residences at The Gilmore – in early 2027.
Upon delivery, The Gilmore will also feature a hotel, as well as approximately 200,000 square feet of grocery, boutique restaurant and retail space. Retailers are slated to begin operating at the property in the second half of 2026. More than 25 leases have been signed including the grocery anchor – a 64,000-square-foot Safeway supermarket. Other retail tenants include Better Buzz Coffee, Handel’s Ice Cream, Jersey Mike’s, Sweathouz, Rebel Wine Lounge, Square 1 Food Hall, Honey Go Nails, Level 1 Arcade, Outcast Doughnuts, Nook Kitchen, EDO Japan, Over Easy and Phantom Fox Brewery.
Residents of The Residences will be able to walk to The Gilmore’s restaurants and shops. The development will have a Main Street-style entrance and will feature landscaping, covered walkways, common area seating, local artist murals and multiple outdoor gathering spaces.
Residential Highlights
Thompson Thrift acquired the 35-acre Gilbert parcel in September of 2022. A month earlier, the Gilbert Town Council had adopted an ordinance zoning the site for the planned area retail, hospitality and multifamily uses. The council approved The Gilmore in September 2023, according to the Phoenix Business Journal.
The Residences at The Gilmore will be be built on 15 acres in the northwest corner of the property. The community will be sectioned studio, one-, two- and three-bedroom units spread across two four-story buildings. Apartments will have a variety of layouts with an average 1,000 square feet of living space. Units will be located above 37,336 square feet of ground-floor retail, according to the PBJ.
Located at the northwest corner of Val Vista Drive and Germann Road, just off Loop 202, The Gilmore is positioned in the heart of Maricopa County’s Southeast Valley. Gilbert is about 18 miles from Scottsdale, Ariz., and its proximity to Loop 202 will provide access to the greater Phoenix area including major employers such as Intel, Dignity Health, NXP USA and Liberty Mutual.
The city has a highly-ranked public school system, a diverse economy, an attractive cost of living and a business-friendly environment. There are several local and regional parks nearby, including San Tan Mountain Regional Park, which offers miles of hiking trails and views of the Sonoran Desert.
Active Developer
To date, Thompson Thrift, which has offices in Phoenix, Houston, Indianapolis and Terre Haute, Ind., has invested more than $6 billion into local communities.
Last month, the developer closed on the Thompson Thrift 2025 Multifamily Development, L.P., a limited partnership offering that raised more than $255 million in total capital commitments. The funds will be used to develop a portfolio of Class A communities in various states including Florida, Georgia, Colorado, Kansas and Indiana.
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The firm is very active across Arizona, with several developments underway. One such project is Stella, a 308-unit Class A luxury community in San Tan Valley, Ariz., another Phoenix suburb. The property, which is currently in lease up, will have 12 two- and three-story buildings when it is completed this summer. Also in Phoenix, the firm is also building two other mixed-use properties that include luxury apartments in their plans – District 99 and Point17.
