FIVE GUYS, COLD STONE, AT HOME, PLANET FITNESS, MORE HEADED TO GILBERT
A Five Guys, Cold Stone Creamery, Rubio’s Coastal Grill and Dickey’s Barbecue Pit should open by the end of the year in a new shopping area near SanTan Village Mall.
A Sandbar Mexican Grill is in the works, but the company is waiting on design approval from the town, according to Stephen Herman, vice president of development and leasing for Capital Asset Management.
Herman’s company is working with Remington Nevada, a real-estate development company based in Nevada, on the 300,000 square foot SanTan Pavilions on SanTan Village Parkway and Williamsfield Road.
At Home, a large home decor store will open as the main anchor around Oct. 31, Herman said. The Pavilions should announce more tenants as it opens in phases.
The developers said Gilbert’s demographics attracted them to the area, including a second shopping area near Gilbert and Warner roads.
Remington and Capital Asset Management expect to begin building the Gilbert Warner shopping center in the first half of 2018. The project was formerly known as Gilbert Crossing.
The 93,000-square-foot location next to the Gilbert Civic Center will feature a 30,000-square-foot Planet Fitness.
Deals for other tenants are still being negotiated, Herman said.
Developers like the area’s demographics.
Stan Wasserkrug, a business partner with Remington Nevada, said they try to develop in areas that already are well established, “where we don’t have to wait five years for the neighborhoods to grow around it.”
Within a five-mile radius of SanTan Pavilions, the median household income is around $86,000 and the projected growth rate for the next five years is 9.16 percent, according to CoStar, a commercial real-estate information company.
Near the Gilbert and Warner roads location, the median household income is around $70,000 and the projected population growth rate is 8.28 percent.
A recent study pegs Gilbert as the most prosperous city of its size in the nation.
“There’s a lot of development going on and a lot of people moving there; of course, services make sense when people want to live there,” Herman said.
Dan Henderson, Gilbert’s economic development director, said that the town did not offer any incentives to the developers for either location.