In a striking development for Surprise, Arizona, a partnership between a global real estate investment behemoth and a Phoenix-based firm is forging ahead with a $250 million mixed-use venture. The project, sprawling across nearly 94 acres at the Asante master-planned community's gateway, is set to include a batch of 282 build-to-rent residences, aptly named Tavalo at Asante. The development doesn't stop there; a 20-acre HonorHealth medical campus and a retail center are also on the blueprint.
GTIS Partners, which steers a staggering $4.5 billion in gross assets, is the muscle behind the initiative, alongside Clyde Capital. This venture represents GTIS's sixth foray into the build-to-rent sector within the metro Phoenix area, ramping up their portfolio to 1,381 units. Tavalo at Asante residents can look forward to a blend of single-story homes, a resort-style pool, and the much-appreciated dog parks—as Phoenix Business Journal reports.
However, it is not only residential development that’s buzzing; retail is also seeing a spike. Plans are in place for a 45-acre shopping district, kicking off with a 12-acre first phase beside Pat Tillman and 163rd Avenue. Elsewhere, in the bountiful land of Apopka, Florida, a mammoth $1.2 billion mixed-use endeavor, Wyld Oaks, has broken ground, hinting at the reach and wealth being drawn into these vast projects.
Healthcare is equally a significant player in Surprise's up-and-coming precinct. "As a locally governed and operated nonprofit healthcare provider, we are committed to the responsible development of health-care services that increase access to care," Bill Baer, HonorHealth's spokesman, explained in a statement obtained by the Phoenix Business Journal. However, while the land has been snapped up, no cork has been popped on development plans just yet.
The retail rush echoes in Illinois, with Core Acquisitions grabbing a hefty 203,000 square feet of shopping center space in Tinley Park and Schaumburg. This aligns with the trends seen in Dallas, where despite a recent push for foreclosure on an upscale apartment and store combo, retail and mixed-use projects show no signs of slowing down, as reported by Gillan Executive Search. Adding to the narrative is a jaw-dropping $6 billion project by Craig International on Lake Texoma, which is expected to include a mix of homes, retail, and restaurants.
With the Fry's grocery store landmark nearby, Surprise's mixed-use development aims to anchor the growing community—Lennar Corp.'s Mike Dowell noted that the area is the buzzing epicenter. These unfolding projects across the country crystallize the current appetite for comprehensive, community-centered developments that blend living spaces with healthcare, retail, and job opportunities.
