Ten acres of prime downtown land are now being transformed into a retail anchor for downtown Gilbert, Arizona.
Attempts to develop Heritage Park have gone back years. Gilbert first identified the site in 2018 as a key entry point to its downtown core with restaurants and retail, luxury apartments, a hotel and office space.
Gilbert awarded development rights to Creation Equity in 2020, but COVID-19 and shifty capital markets pushed back timelines; the developer ultimately broke ground in May 2025.
Creation restructured the project ownership and brought in Crescent Communities and Horizon Real Estate, with Creation maintaining an ownership stake. The sale allowed the team to manage risk while it continues to pre-lease and build vertically.
The $3 million sale unlocked a $32 million development budget. Financing for the project was provided by Enterprise Bank and First Bank of Hutchinson. Early returns have brought in tenant commitments from Hudson House, Sweetgreen, La La Land Coffee and Salt & Straw.
About the project: Heritage Park's first phase will encompass 47,000 square feet of retail and restaurants; a 288-unit luxury multifamily development call NOVEL Heritage Park by Crescent Communities; and mature landscaping, water features and public art. The first openings are anticipated in late 2026, and NOVEL Heritage Park is expected to open in spring 2027.
Future development is expected to include hospitality and office components.
What the judges said: "What influenced my decision to pick Heritage Park is that it’s not just a land deal — it’s the kind of acquisition that actually shapes an entire downtown," one judge said, preferring to stay anonymous. "Locking up 10 acres at the gateway to Gilbert’s Heritage District and turning it into a true mixed-use spot with restaurants, retail, apartments and a walkable town square feel like real place-making, not just another project. On top of that, getting it done through COVID and tricky capital markets with creative phasing and partnerships shows grit, and it sets the tone for long-term growth in the area instead of a quick flip."
They made it happen: At Creation, Alex Bez, principal, Chris Campbell, vice president of transactions, Jagger Everett, vice president of development, and Izharia Veasley, associate; and at Crescent Communities, managing directors Sagar Rathie and Ken Keefe.