Jeff McVay + "his team" present the resolution for THE GRID BANKRUPTCY - FIRST AGREEMENT WAS BACK IN 2017 leading to a default. . . He is mixing up his dates
Same developers as Forge Towers
McVay is missing a few details
MESA, Ariz. — The Mesa City Council has approved a new development deal for city-owned property after the initial developer filed for Chapter 11 bankruptcy.
On Monday, the council approved a deal with Soltrust Main to finish developing the site of The GRID, a 286-residential unit project in the downtown region near Main Street and Mesa Drive.
- The city initially entered into a deal in 2017 for a developer to transform the city land into the "social living room" of downtown Mesa.
- But the project would stall and that initial developer eventually filed for bankruptcy in 2024, records show.
- "Unfortunately, the project did fail and we were able to access that $1.7 million," McVay told the city council,
- "and we completed quite a bit of right-of-way work...it was a very good protection the city had."
A Chapter 11 trustee was appointed to establish and administer a process for soliciting proposals and selecting another developer to finish out The GRID project.
A proposal made by Soltrust Main was eventually selected through that process.
- The new deal with Soltrust Main comes with the expectation that the developer will complete the project over the course of three phases and eventually buy the land, which has been appraised to be worth about $2.98 million.
- When asked by the council if Mesa will end up losing money on this deal, McVay said the city is expected to get the full value of the land back but the city will waive any claims against the previous developer and bankruptcy estate.
- Those claims total over $770,000 for unpaid rent, permit fees and transportation fees, city records show.
Mesa City Manager Chris Brady encouraged the council not to enter into any future deals with a single developer and without a competitive bidding process.
"I think we fell into a trap with a developer who came to us with an idea that we all fell in love with but there was no evaluation against anybody else," Brady told the council.
RELATED:
APRIL 3, 2025
Mesa Revives Stalled Downtown Development: New Life for The GRID Project
Investors eyeing downtown Mesa, take note: a high-potential infill project is back on track.
Here’s what you need to know:
- The GRID project, originally launched in 2017 as a mixed-use, 286-unit residential complex, stalled after the initial developer filed for bankruptcy in 2024.
- The City of Mesa stepped in smartly, securing $1.7 million in escrow, which was used to complete right-of-way work and protect the site.
- Soltrust Main has been selected as the new developer to finish the project over three phases, eventually acquiring the city-owned land (valued at $2.98M).
- Mesa will forgo claims exceeding $770,000 in unpaid fees from the previous developer—an intentional move to prioritize long-term development momentum.
- Officials acknowledged the original error: a no-bid deal based on excitement rather than competition. Future projects will require more scrutiny and multiple bids.
Why This Matters for Arizona Investors
- Downtown Mesa is ripe for redevelopment—the GRID’s completion will anchor further growth.
- Infill projects like this create opportunities for value appreciation and passive income.
- The city’s experience underscores the importance of risk management in public-private partnerships—and investors should take the same lesson to heart.
- Phased construction gives developers room to scale with demand, and investors should track timelines and leasing phases closely.
RELATED CONTENT: back to 2017
Mesa Council Study Session Mon 16 Oct 2017
NEEDS
A ZONING CHANGE to include some townhomes along a short stretch of
Pomeroy Street that was just a drive-in to a parking lot for BenU and a
3-story parking garage behind Mesa Supreme CourtWHAT IS IT?
Mayor John Giles tunes in with some mumbo jumbo about "vertical/urban" ???
Jeff
McVay, Director of "Downtown Transformation" just announced this
morning on KJZZ FM that the City of Mesa is offering $3,000,000 of
"incentives" to entice a developer for on what was once city-owned property MESA THE GRID
- two 7-story "micro-apartment" [350 sq Ft] and mixed-use commercial/office towers atop the 3-story public parking garage for Mesa Superior Court
- 14 row/townhouses on Pomeroy Street by the 3W Management Group
| 18-0840 | 4-c | Resolution | 
The Second Amendment revises the development compliance dates and the permit fee
|
Proposed sale of Pomeroy Street Parking Lot 300 East Main Street
Mesa approves new development deal for city land after bankruptcy filing
MESA, Ariz. — The Mesa City Council has approved a new development deal for city-owned property after the initial developer filed for Chapter 11 bankruptcy.
On Monday, the council approved a deal with Soltrust Main to finish developing the site of The GRID, a 286-residential unit project in the downtown region near Main Street and Mesa Drive.
The city initially entered into a deal in 2017 for a developer to transform the city land into the "social living room" of downtown Mesa. But the project would stall and that initial developer eventually filed for bankruptcy in 2024, records show.
The council had required the developer to escrow about $1.7 million in case the city needed to restore the site if the project failed, according to Jeff McVay, the city's manager of urban transformation.
"Unfortunately, the project did fail and we were able to access that $1.7 million," McVay told the city council, "and we completed quite a bit of right-of-way work...it was a very good protection the city had."
A Chapter 11 trustee was appointed to establish and administer a process for soliciting proposals and selecting another developer to finish out The GRID project. A proposal made by Soltrust Main was eventually selected through that process.
The new deal with Soltrust Main comes with the expectation that the developer will complete the project over the course of three phases and eventually buy the land, which has been appraised to be worth about $2.98 million.
When asked by the council if Mesa will end up losing money on this deal, McVay said the city is expected to get the full value of the land back but the city will waive any claims against the previous developer and bankruptcy estate.
Those claims total over $770,000 for unpaid rent, permit fees and transportation fees, city records show.
Mesa City Manager Chris Brady encouraged the council not to enter into any future deals with a single developer and without a competitive bidding process.
"I think we fell into a trap with a developer who came to us with an idea that we all fell in love with but there was no evaluation against anybody else," Brady told the council.
RELATED:
RELATED:
Take a look at the video
"We believe in the City of Mesa's commitment to transforming its downtown into a vibrant urban core,"
It's one of the fastest "big deals" your MesaZona blogger has never seen!
"Ready-to-Roll"Here is the real-time Staging Area for The Ground-Breaking Ceremony > The GRID
___________________________________________________________________________
One more example of how the City of Mesa works hard to manipulate "the news"
Any reasonable person might ask how THE GRID got financed after failing for more than three rounds?
It took more than three years . . .
CITY OF MESA NEWSROOM
"This project has been 2 1/2 years in the making and we are thrilled to see our vision come to life,"
- "Downtown Mesa has special meaning to me," said Robson.
The GRID will include 14,000 square feet of creative Class A office space that blends into the project and overlooks the activity on Main Street.
Developed in partnership with the City of Mesa, Benedictine University Mesa, and Palladium, The GRID is a unique public-private partnership to bring residential and specialized commercial development to downtown Mesa.
- student housing and
- realize the next step in Mesa's vibrant urban vision for the downtown . . .
Palladium whose principals are Tony Wall and Karrin Taylor Robson, have long and successful tenures in Arizona real estate development.
By KTAR.com February 25, 2020 at 4:15 am
The first phase of the 3.3-acre Grid was expected to be completed later this year. . .
"When the midrise development is finished, it will feature rowhouses, micro and luxury apartments, restaurants, shops, parking and office space.
“The GRID is exactly the type of development we want to see in downtown Mesa,”
Mayor John Giles said in a press release. (Rendering/City of Mesa)
In January, Arizona State University began work on its first academic building in the area. ASU @ Mesa City Center planned to open in spring 2022.
Private Benedictine University, a partner in the development, is also nearby.
- Student living was part of the thought process behind the Grid.
The four-level build near Mesa Drive will make use of an overlooked Pomeroy Parking Garage and incorporate part of Gateway Park.“It’s very unique to build up and over a city-owned parking garage,” Giles said.
“Downtown Mesa has special meaning to me,” Robson said in a press release.
_________________________________________________________________________
“The GRID will bring new residents who can enjoy the lively downtown lifestyle and this vibrant city that I admire.”
Breakdowns of the residences will put 196 sky apartments on floors four through seven. Each unit will have a balcony, fireplace and glass walls.The 15 rowhouses will be three-level walk-ups and each will have a private entry door and its own parking space in the garage.
The 75 micro-units will be limited to about 400 square feet apiece, but whoever lives there will have floor-to-ceiling views of the mountains.
Every resident will have rooftop lounge and outdoor pool privileges, as well as access to the fitness sites."
This
image is the Main Street side of the Pomeroy Street Parking @ 300 East
Main Street looking east and south to the 3-story Municipal Court
Parking garage. 
Beyond is part of Residences on Mesa & Main that rises four stories on close sidewalk frontage on the east side of Main Street. Mixed-use with more than 240 apartments, thousands of square feet of retail and commercial space
._________________________________________________________________________
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