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A 14-acre plot of Morrison Ranch land in east Gilbert has been sold for a proposed multifamily housing project.
PB Bell Companies acquired the property, which is east of the southeast corner of Recker and Elliot roads, for $9.25 million from an entity tracing to Morrison Ranch, according to commercial real-estate website vizzda.com.
The 14.12 acres of land zoned is multifamily/medium by the town of Gilbert. The site is proposed for a 236-unit multifamily residential housing complex in 2-story 4-, 8-, and 16-unit buildings, with 2-story carriage-style buildings, on 13.71 acres. The common open space is 292,638 square feet. It will have 455 parking spaces.
Plans for the proposal are subject to approval from the town’s Planning Commission.
