The Ranch Project: Major Development Approved in Arizona
The Ranch Development Receives Key Approval for Construction
This approval paves the way for one of Arizona's most significant mixed-use projects.
The Ranch, a landmark mixed-use project, has officially secured its final entitlement approval from the Planning Commission. This vital step allows the long-awaited construction of a $1 billion development set to reshape the region dramatically. The development encapsulates a vast area and promises integration of different elements that will benefit both businesses and residents.
Overview of The Ranch
Spanning over 295 acres, The Ranch is strategically located along Power Road and promises to be the centerpiece of mixed-use development in the area. This project aims to blend industrial, residential, and commercial spaces with extensive green spaces, lighted walking paths, and social gathering spots designed to enhance community connections.
The Ranch will move forward with its first phase, known as Harvest Village, which is set to commence construction. Phase 1 will feature a neighborhood retail center, delivering approximately 51,000 square feet of commercial space distributed across seven buildings.
Highlights of Phase 1 at Harvest Village
The initial phase promises a variety of offerings aimed at creating a vibrant shopping and community experience:
Features of Harvest Village
- 20,000 square feet of retail and dining options distributed across four distinct buildings.
- An inviting open-air plaza that enhances the ambiance with decorative elements and communal areas.
- Generous parking availability with a spacious 9:1,000 square feet ratio.
- A walkable design that connects surrounding neighborhoods to retail attractions.
Jennifer Hill, a representative from GPS Commercial Advisors, will oversee the leasing and sales efforts for Harvest Village.
The first phase is also focused on improving infrastructure, allowing for ready-to-build sites at Corner Springs, with expected highlights including:
Construction of Corner Springs
- 78,000 square feet allocated for retail, dining, office, and outdoor spaces.
- A beautifully designed pedestrian walkway that enhances connectivity with nearby neighborhoods.
- Space allocated for four dedicated drive-thru facilities.
Mark Bramlett of Lee & Associates leads the brokerage initiatives for Corner Springs. The project's 18-acre open space will transform into a welcoming amenity zone, offering a landscaped greenbelt equipped with paths for walking, seating, and areas for community interaction.
Impact and Development Potential
Further enhancements will include off-site infrastructure improvements at key intersections, ensuring smooth traffic flow and increased accessibility. Upon completion, The Ranch will feature:
- 3 million square feet designated for light industrial use across 221 acres.
- 34 acres devoted to retail options, from full-service restaurants to essential neighborhood services.
- A total of 729 multi-family residential units within distinctly designed communities focused on walkability and accessible amenities.
Steve Larsen from JLL is directing efforts for the industrial leasing segment, further positioning The Ranch as a desirable location for tenants and entrepreneurs.
Economic Effects of The Ranch
The Ranch is anticipated to act as a significant economic driver for the region, particularly during various developmental phases:
Projected Economic Impact During Construction
- Estimated economic output during the construction phase is projected to be around $961.7 million.
- 5,888 total job-years are expected to be generated.
- Tax revenues during this phase are projected to reach $42.8 million.
Once fully operational, The Ranch is forecasted to produce:
Annual Economic Output Upon Completion
- Total economic output is linked to approximately $1.5 billion annually.
- Support for nearly 8,967 jobs in the region.
- Recurring tax revenues estimated at $31.6 million.
As Todd Ostransky from IndiCap stated, this approval marks a defining moment not only for The Ranch but for the broader community. The project has been thoughtfully designed to cater to the urgent and evolving needs of local enterprises and residents while promoting enduring economic progress.
About the Development Team
The Ranch is being realized through the combined efforts of development partners IndiCap, Colmena Group, and Langley Properties, each bringing expertise to ensure the project's successful execution.
IndiCap specializes in industrial investment, with a portfolio reflecting a strong commitment to development and market growth. Founded in 2021, the firm has quickly positioned itself as a formidable player within the Arizona real estate landscape.
Colmena Group, established in 2008, has consistently aimed to create lasting communities, backed by over 65 years of collective experience in real estate development.
Langley Properties has a distinguished history spanning over 30 years, focusing on acquiring properties with the intent to enhance value through meaningful development strategies.
Frequently Asked Questions
What is The Ranch development?
The Ranch is a mixed-use development, integrating industrial, residential, and commercial spaces in Arizona.
When is construction expected to begin?
Construction for the first phase, Harvest Village, is slated to commence soon following permits.
What amenities will The Ranch offer?
The Ranch will include shopping centers, residential spaces, parks, and community gathering areas.
Who is managing leasing efforts for The Ranch?
Jennifer Hill of GPS Commercial Advisors is responsible for leasing at Harvest Village, while Steve Larsen of JLL is overseeing the industrial leasing.
What economic impacts are projected from The Ranch?
The Ranch is expected to generate substantial economic output and create thousands of jobs, contributing to the local economy.
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