The Gilbert Town Council last week voted 6-0 to amend the Heritage Marketplace development agreement for the third time since an initial plan was approved in 2007. The newest iteration includes up to $294,000 in penalties if the project’s first two restaurants aren’t ready by September 2014.
After more than five years of waiting for the Heritage Marketplace office/retail concept to materialize in downtown Gilbert, town officials are increasing pressure on the developer to begin construction by the end of 2013.
Heritage Marketplace proposes to bring 70,000 to 90,000 square feet of offices, retail shops and restaurants. The commercial center was one of several highly-anticipated projects that faded during the recession, and town officials patiently extended deadlines for the development while waiting for the economic climate to improve.
The proposed developer, LGE Corp., has completed numerous projects in the Valley, including office complexes, retail plazas and medical centers. The company’s industrial portfolio includes a 60,000-square-foot building for Legacy Window Coverings in Gilbert.
Gilbert has already sold bonds to fund the garage and is paying interest on the money as it sits in a bank. The money came from Public Facility Municipal Property Corporation bonds, which do not require voter-approval and are repaid through general-fund revenue.
