(Town of Gilbert)
By Cecilia Chan | Gilbert Sun News
Since Gilbert designed its downtown as an area in need of an economic boost over three decades ago, the Heritage District has become a booming hotspot.
There are approximately 1 million square feet of existing commercial development with another 840,000 square feet approved with the anticipation of construction in the next five years.
“The Heritage District is outpacing other areas in Gilbert,” Redevelopment Project Manager Sydney Bethel Price told the Redevelopment Commission last week.
The Heritage District’s full cash value per acre increased 77% from 2018 to 2022, according to Price. It was just over $2 million an acre in 2022.
Price added that from Fiscal Year 2008 until the end of 2017-18, revenue from sales taxes in the Heritage District increased 177%.