Las Vegas (July 13, 2023) – The Las Vegas based boutique commercial real estate company IndiCap, who specializes in industrial investment and development, along with Colmena Group, a real estate development and investment company headquartered in Salt Lake City, and Arizona-based Langley Properties announced today, after a near 18 month negotiation with both the town of Gilbert, Arizona, and their neighbors, that the groundbreaking project has received approval on its zoning request and general plan amendment revisions, which clears the way for development of The Ranch.
The groundbreaking 311-acre mixed-use project, located on the west side of Power Road between Elliot and Warner Roads directly off the 202 Freeway, will be the first mixed-use development of its kind to be built in Gilbert, a growing suburb of Phoenix. At build out, the project will be valued at more than $1 billion.
“We are incredibly excited and grateful for the Town of Gilbert’s zoning approval, which solidifies our vision for this groundbreaking project,” said Todd Ostransky, Regional Vice President of Development for Indicap. “This development will not only serve as an economic catalyst, but also as a testament to our dedication in creating a sustainable and vibrant destination that meets the evolving needs of the Gilbert community.”
The Ranch will include multiple product types including industrial, residential, commercial, and retail. The plan also calls for more than 16 acres of green space.
Specifically, the project will include:
- The Ranch – 221 acres of light Industrial with the potential of 3 million square feet of mid-bay and cross dock industrial buildings.
- Shops at the Ranch – General Commercial consisting of 39 acres that will include multiple types of commercial, including restaurants, drive thru (QSR), storage, convenient stores, small office, fitness center, small grocer, dental office, etc.
- Residences at the Ranch – an innovative and vibrant development of residential and commercial uses that will create live-work-play opportunities in the community surrounding Morrison Ranch. The plan calls for +/- 39 acres of multi-family and mixed-use product types. Multi-family will include two- and three-story homes with some ground floor commercial. Additionally, there will be a 16-acre green space that will include trails and landscaping for the community to use.
- $20m worth of offsite improvements are planned
The economic impact of this project is expected to be substantial, with the creation of thousands of jobs during the construction phase and ongoing employment opportunities across various industries upon completion. The development will attract new businesses, bolster the local economy, and serve as a catalyst for future growth in Gilbert and the surrounding region.
About IndiCap
IndiCap, founded in Las Vegas in 2021, specializes in industrial investment, development, consulting, and management services in Arizona with growth and expansion plans across other Western States. The principals and team at IndiCap have developed more than 30 million square feet of commercial real estate throughout the industrial, office, and retail space. Mike Chernine and Jason Kuckler, the company’s principals, are seasoned real estate development experts with 60 years of experience between them. IndiCap’s scope consists of site selection, design, site plans and construction, finance and budgets, and full development services. For more information, visit indicapinc.com.
About Colmena Group
Colmena Group is a real estate development and investment company headquartered in Salt Lake City, Utah. The managing partners of Colmena Group have more than 65 combined years of real estate experience, building their reputation on thoughtful stewardship of investment opportunities. Founded in 2008, Colmena’s mission is to build a legacy of quality, long-lasting communities. Its portfolio includes multifamily, assisted living, commercial office, student housing, research parks, retail, hotel, industrial warehouses, and mixed-use properties. Since its inception, Colmena has developed, co-developed and invested in real estate projects that built a current portfolio value of more than $1.6billion. For more information, visit https://www.colmenagroup.com/.
About Langley Properties
For over 30 years, we at Langley Properties, LLC have built our reputation as a market leader using a simple strategy; find the right property, at the right price, with an opportunity to add meaningful value, and get to work! Whether it is growing cotton, cattle, solar farms, wind farms, homes, or schools, when we utilize the experience of our team, and proper stewardship of the land is our goal, added value is the result. With over 60,000 acres owned across the southwest, this straightforward approach to real estate investing has served our investors well. Our team has the depth of knowledge to realize a property’s potential, be it a 5-acre infill lot with a significant value proposition, a 160-acre farm in the path of progress, or a 5,000-acre ranch with an opportunity to become a future master planned community. The Langley team is committed to achieving the highest and best use for our properties, maximizing returns for our investors. For more information, visit https://www.langley-properties.com/.
