Gilbert Land Parcel
This vacant in-fill land parcel is located in close proximity to the Historic downtown district of Gilbert. The approximately 7.45 acre site was zoned for industrial uses. The project is located within minutes of downtown Phoenix and is surrounded by high-end housing and retail. The property is located within the City of Gilbert’s Heritage District and has been designated by the City for redevelopment and revitalization. Gilbert is a suburb of Phoenix, AZ, and is located approximately 12 miles southeast of the Phoenix Sky Harbor International Airport.
The site was previously owned by a local truss manufacturer which continues to operate on an adjacent site. Contamination concerns were associated with a historic underground storage tank.
RESIGHT’s business plan was to address the environmental issues, entitle the property for multi-family use and sell the property to a multifamily developer. Specifically, RESIGHT more fully characterized the site, completed necessary remedial activities and demolished an onsite building. RESIGHT secured regulatory closure from the regulatory agency and closed the site. RESIGHT worked with the City to secure rezoning of the property (25 dwelling units to the acre). The property was sold to a multifamily developer at clean value.
The RESIGHT Solution
Where others saw an abandoned industrial site, RESIGHT saw an opportunity to remediate the property and create a residential project that complements the neighborhood and is in line with the City of Gilbert’s vision for the area.