VIZZDA – July 22nd, 2013 — A parcel of land planned for Residences at Gilbert Town Square has been purchased at $4 per square foot by an entity formed by Mr. Paul Stark of Stark Builders Inc. Located within the Gilbert Town Square project South of the Southwest Corner of Warner and Gilbert Roads, the two parcels total 14.36 acres.
11.39 acres of the site was sold by WalMart Stores, which had previously acquired the property in 2006 at a valuation closer to $7 per square foot with plans to develop a store. The planned multifamily development is to total 307 units in 3 & 4-story buildings with a 46’ maximum building height. The complex will feature 103 one bedroom units, 177 two bedroom units, and 27 three bedroom units for a project density of 21.4 units per acre.
Gilbert Town Square was originally developed by Triple Five group, who began assembling the 66 acre project in 1999. Find out much more about this deal, including contacts, debt, and detailed site information by subscribing to VIZZDA today.