Bridges at Gilbert
The Bridges at Gilbert is an almost 400 acre in-fill site located in the highly desirable East Valley of Phoenix. Located off of the corner of Higley Road and Queen Creek Road in Gilbert, Arizona, Ridgewood purchased the site in August of 2009 for $23,100,000 from the former AmTrust bank, who had completed foreclosure proceedings on the previous developer. The site, which includes 339 partially improved lots in addition to zoning for an additional 1,740 lots, will be highly-amenitized, with a variety of lot sizes, ranging from large lot single family residences to multifamily housing.
Ridgewood has two major goals at the Bridges. The first was to work with our engineer to replat the current product mix on the site to maximize both use and value. The second goal was to work with the other property owners within the community at restructuring the joint development agreement and homeowners association. By doing so we were able to reduce future development expenses while making the site an even more desirable location for builders and homeowners alike. In March 2011, Ridgewood sold approximately 300 acres of the site to another developer, while still retaining the partially improved lots as well as land zoned for 217 multi-family units. In December 2012, we accomplished our goal by recording a new plat and joint development agreement in time for sale to Pulte Homes and Ashton Woods Homes.