The site at the southeast corner of Val Vista Drive and Pecos Road north of Loop 202 in Gilbert, Arizona, will soon be under construction. A North Carolina-based builder intends to develop a new project at the location called NOVEL Val Vista. Here is more about the Charlotte developer’s plans to build in Gilbert.
Crescent Communities in Gilbert
CC Val Vista, LLC, also known as Crescent Communities, of Charlotte, North Carolina, is a nationally recognized developer with plans to build a 317-unit multifamily community at Val Vista Drive and Pecos Road north of Loop 202 called NOVEL Val Vista. The developer purchased 8.6 acres to develop the residential project and paid a reported $7.5 million for the property.
NOVEL Val Vista will include high-end luxury apartment units, a sky lounge, a clubhouse and pool, and a fitness center. According to a recent report, NOVEL Val Vista is anticipated “to be the first development in Gilbert’s high-density multifamily zoning district, created to encourage urban-style residential projects.”
Val Vista Square
The apartments are reportedly a central part of the Val Vista Square project. The Val Vista Square Project is a 32-acre mixed-use development project that has been approved for retail, office, and restaurant space. Currently, a Winco Foods store and medical clinic are operating at the location, and an Aldi grocery store is slated to open in January.
NAI Horizon represented Gilbert Growth Properties LLC or Park Corporation during the sale of 8.61 acres of land at Val Vista Square to Crescent Communities, LLC. NAI Horizon Senior Vice President Lane Neville said of the transaction, “NAI Horizon is thrilled to be part of such a significant land transaction.” Neville commented that “Crescent Communities is top tier and will be building one of the finest luxury apartment properties in the entire Southeast Valley. The addition of this high-end residential component is a critical milestone for our overall commercial mixed-use project. This deal is such a nice addition to Val Vista Square and complements the soon-to-be grand opening of ALDI Grocery Store located adjacent to the NOVEL community.”
Ken Keefe, Director of Development for Crescent Communities, commented, “We are thrilled to begin our work on NOVEL Val Vista and look forward to breaking ground in early 2021,” said “The community will feature a variety of amenity-rich offerings suited to the residents of the growing Phoenix market, including top-of-the-line finishes, a spacious and refined clubhouse, a luxury pool, sky lounge, fitness center and more.”
According to the seller’s representative, Morgan Neville, on behalf of Park Corporation, the sale to Crescent Communities “was really important given that this is the first multifamily project in the Town of Gilbert to be approved and developed in their newly created multifamily, high-density zoning district; and will set the bar for future urban style developments.” The NOVEL Val Vista luxury apartments’ development will add a crucial residential element to the mixed-use project.
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