GTIS Partners and Clyde Capital have plans for the $250 million development of a mixed-use, master-planned community in Surprise, Ariz., which is located within the Phoenix MSA. The project will include a build-to-rent community, retail space and a medical facility and will be built across 90 acres of land acquired by GTIS and Clyde.
In conjunction with the land acquisition, GTIS and Clyde sold 20 acres within the project to HonorHealth, one of Arizona’s largest hospital systems, to develop the medical facility. Forty-five acres will be allocated to a joint venture between Clyde and Simon CRE, a national commercial real estate acquisition and development company, to establish a multiphase retail center. GTIS will retain the 25-acre balance of the site for a build-to-rent development.
GTIS and Clyde initially pursued the property in April 2021 and took the project through a rezoning and site planning approval as it secured entitlements. The site is 40 miles from downt