To address long-range infrastructure needs and commercial real estate density along Gilbert, Arizona’s Central Business District, the community worked with Nationwide Realty Investors, Ltd. (NRI) to authorize a development agreement for a 250-acre-plus exclusive project that will provide more than three million square feet of Class A office Space at the corner of Gilbert Road and the Loop 202 Freeway.
The master plan for the development named “Rivulon”, calls for 3.1 million square feet of office space, 500,000 square feet of retail space, at least 250 hotel rooms and will result in more than a $750 million investment. The development will deliver an initial 120,000 square foot, 4-story speculative Class A office building while keeping 250,000 square feet of pad-ready office space available at all times.
As part of this agreement, Nationwide will be eligible for up to $35 million in maximum reimbursement from site-generated sales taxes for specific public infrastructure improvements that shall not exceed the total amount of revenue generated by the project. Based on an analysis by Applied Economics, the development is estimated to generate $1.4 million per year in sales and bed tax revenues to Gilbert once construction is complete, and approximately $2.6 million per year once the maximum reimbursement is reached.
Currently, Gilbert’s inventory for commercial property is roughly 3.3 million square feet. This project will double Gilbert’s office space in a premier location near the 202 Corridor, thereby allowing Gilbert to attract high-wage employers with immediate expansion or relocation needs.
