Developer IndiCap eyes groundbreaking for once-controversial The Ranch in Gilbert

Developer IndiCap eyes groundbreaking for once-controversial The Ranch in Gilbert

By Ron Davis

One of the top projects to watch in the East Valley could start taking shape this summer.

The Ranch, a multi-phased project that's set to transform more than 300 acres on the southwest corner of Elliot and Power roads in Gilbert, is set to break ground sometime in May or June, according to a representative for the project.

Las Vegas-based IndiCap, Salt Lake City-based Colmena Group and local project investor Langley Properties will be developing The Ranch. The project will encompass industrial, retail and restaurants, more than 750 multifamily apartments and open space. Work will start with the open space before moving on to the multifamily aspect.

The development team, under the entity Power Ranch LandCo LLC, closed on the land in August in a more than $100 million deal with The Dale C. Morrison Trust. 

A general contractor has not been selected for the project's buildout, but Humphreys & Partners Architects and Ware Malcomb are the project's architect and civil engineer, respectively. JLL will handle the brokerage services for the industrial aspect of The Ranch while GPS Commercial Advisors' Jennifer Hill is the listing broker for the walkable retail and restaurants within the project. Lee & Associates Arizona's Mark Bramlett will market the frontage parcels at the northwest corner of Power and Warner roads and southwest corner of Power and Elliot roads.

The Ranch could carry $1 billion valuation at buildout

At full buildout, IndiCap expects The Ranch to carry a $1 billion valuation, the developer previously told the Business Journal. It is one of several billion-dollar developments in the pipeline in the East Valley.

In 2022, the development initially was billed as a large industrial development with more than 3.5 million square feet across 16 buildings, which faced strong neighborhood opposition. The project, though modified, remains mostly an industrial one. More common ground was reached in 2023 with the addition of multifamily and more walkable amenities along with restaurants and retail. The revamped plans garnered neighborhood and town council support as the general plan amendment and zoning proposals were approved in June.

After Gilbert Town Council voted to approve the proposal, IndiCap's Todd Ostransky said he expected construction to start in the late second quarter or early third quarter of 2024.

The project also calls for $20 million worth of developer-funded off-site infrastructure improvements to Warner, Elliot and Power roads, according to previous reporting.

The Ranch would be developed south of the Cactus Yards sports complex and on the opposite side of a planned 120,000-square-foot shopping center anchored by a Fry's grocery store, which is set to be located on the northwest corner of Elliot and Power roads.

IndiCap is a major player in the Phoenix metro. In addition to The Ranch, IndiCap is working on developing hundreds of acres in Casa Grande for a new industrial center and mixed-use campus. It moved forward last year on the Virgin Industrial Park in Glendale, which will comprise more than 1.5 million square feet of space across two phases. Near Phoenix-Mesa Gateway Airport, IndiCap broke ground in November 2022 on the first phase of the Eastmark Center of Industry, which will comprise of 977,600 square feet across five buildings.