JV to Bring Mixed-Use Destination to Phoenix Area

Heritage Park. Rendering courtesy of Creation, Crescent Communities and FCP

A joint venture of Creation, Crescent Communities and FCP has announced Heritage Park, a mixed-use development in Gilbert, Ariz. The project recently received zoning approval from the city and is scheduled to break ground in the third quarter.

Once completed in 2024, Heritage Park will include a 154,000-square-foot five-story office building, a 288-unit multifamily community, 36,000 square feet of retail space, a 100-key hotel and room for five or more restaurants.

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Heritage Park will be situated at the north end of the Heritage District, in close proximity to more than 30 restaurants, community events, Water Tower Plaza, a farmer’s market and a 17,000-acre park.

The development has been in the works for several years, David Sellers, co-founder of Creation, said in a prepared statement. This marks the fourth project by the joint venture in downtown Gilbert. CBRE will handle office leasing for Heritage Park and Ox Urban will handle retail leasing.

The partners are also expanding in other Phoenix suburbs, including Scottsdale, where in late 2021 the companies announced another commercial project dubbed Southbridge.

Last week, a partnership between Crescent Communities and Nuveen Real Estate acquired 120 acres in Holly Springs, N.C., to expand The Yield, Crescent’s $500 million life science campus.