By Jeremiah Sosa
Rendering Courtesy of Thompson Thrift
Thompson Thrift is an integrated full-service real estate company with offices in Indiana, Texas, and Phoenix. Recently, Thompson Thrift announced a new $100 million mixed-use development in the North Gateway Core that will include retail stores, restaurants, residential units, and running paths.
The North Gateway Core development will be located east of I-17, between Sonoran Desert Drive and Dove Valley Road.
“On this project, we’ve been able to bring our three divisions [retail, residential, and construction] together to create a beautifully designed mixed-use project. The entire property is approximately 30 acres; however, only 16 are developable,” explains Andrew Call, Vice President of Development for Thompson Thrift. “Part of the land is the Skunk Creek Wash area, which will include some pedestrian nodes and running paths that are right along the natural preserve area.”
On the east side of the development is going to be the mixed-use project, which will see about 35,000 square feet of retail stores and restaurants and approximately 224 residential units. Two restaurants already planned for the North Gateway Core development are Oregano’s, a local, family-owned pizza chain, and Twisted Sugar, a gourmet cookie shop. Several other national, regional, and local retailers and restaurants are currently negotiating to locate within the development.
“I think this project will positively impact this community and bring a lot of new restaurants and businesses to the area that are not there yet,” says Call. “All the research that we’ve seen and done shows a strong need and desire to have some of these restaurants out there.”
The 224 residential units on the property are planned to be split up into two four-story multifamily residential buildings, including parking and garages. There will also be a two-story clubhouse and other amenities.
As to why Thompson Thrift chose the North Phoenix area for their development, Call says that his team had noticed the recent growth in the area over the past few years, along with the current growth like the new TSMC plant located within eyesight from the development.
“This area has always been a priority for us. We’ve looked at metro Phoenix and just the general Phoenix market. It’s a fantastic area,” says Call. “The future is very, very bright. It’s probably one of the strongest areas from an economic growth standpoint and general population growth in the Phoenix area.”
Thompson Thrift plans to start construction on the North Gateway Core development in late 2022 and hopes to see some businesses open in the third quarter of 2023. To learn more about their latest developments, visit thompsonthrift.com.