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.
By:
Hadden Schifman
Managing Director
Vizzda.com
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