Gilbert mixed-use project breaks ground with significant leasing activity

Thompson Thrift put the first shovels into the ground Monday at The Gilmore — Gilbert’s latest mixed-use development.

The Indianapolis-based firm will build the 35-acre development's 213,656 square feet of commercial space at the same time it constructs 300 luxury apartments, with one facet of The Gilmore’s two luxury apartment buildings coming online first, Thompson Thrift Managing Partner Ashlee Boyd told the Business Journal on April 14.

The multifamily portion of the project will be called The Residences at The Gilmore. Its 300 units will include studio, one-bedroom, two-bedroom and three-bedroom apartment homes with 1,000 square feet of living space. All of the residential units will be located in the northwest corner of the property — located at 3960 S. Val Vista Drive — and sit on 15 acres.

The Gilmore is slated to be complete and have its first residents moving in by early 2027.

“This project is a testament to the strength of Thompson Thrift’s One Team approach,” said Dan Sink, president and CFO of Thompson Thrift Development in a statement. “By leveraging our expertise across construction, residential and commercial development, we plan to deliver a thoughtfully designed destination that enhances the Gilbert community and provides long-term value for residents and businesses alike.”

Safeway, the anchor tenant, will occupy 63,537 square feet and be delivered by the summer of 2026, according to previous Business Journal reporting.

A four-story, 105-room hotel is proposed and will be located in the southwest corner of the parcel. There “are active discussions,” to secure an agreement for that project, Boyd said on April 14.

As of April 14, 70% of the available tenant space is already leased, with Zaxby’s one of the more recent tenants. Over 25 tenants have signed leases and taken up over 140,000 square feet. Some of the notable ones include Buzz Coffee, Handel’s Ice Cream, Jersey Mike’s and Level 1 Arcade.

Thompson Thrift anticipates retailers to begin operation in the latter half of 2026, according to a press release.

VCC is the general contractor for the retail portion, while Thompson Thrift Commercial is in charge of construction of the residential components.

Thompson Thrift brought on Butler Design Group and Hubbard Engineering as the architects and engineers, respectively. Phoenix Commercial Advisors' Zach Pace, Courtney Auther Van Loo and Greg Laing are the listing brokers for The Gilmore.

A large portion of the retail will be completed in 2026. The project sits adjacent to Camp Verde High School and just to the south of Mercy Point Medical Center and Loop 202.

Overall, The Gilmore totaled $225 million in investment and includes the $21.2 million it took to acquire the 40-acre parcel in 2022, according to Maricopa County records. Nearly three years ago, Gilbert Town Council adopted an ordinance to allow the 40.6 acres The Gilmore sits on to be zoned for planned area development and multifamily, according to planning documents.

Gilbert Town Council approved the final plat for The Gilmore in September 2023.

Final Thoughts
The Gilmore marks a major step forward in Gilbert’s evolution as a hub for thoughtfully integrated living, retail, and lifestyle experiences. With robust leasing activity, a luxury residential component, and a strong lineup of tenants, this $225 million development is poised to become a standout destination in the