Las Vegas-based real estate investment firm IndiCap Inc. is looking to move forward on its biggest play in the Valley so far. 

IndiCap and partner Salt Lake City-based Colmena Group are planning to develop a 4.1 million-square-foot mixed-use project on 292 acres in southeast Gilbert, mostly on the southwest corner of Elliot and Power roads. The majority of the proposed development, dubbed The Ranch, will be industrial space but other commercial uses such as hotels, restaurant and retail also are proposed for 20 acres of the site, said zoning attorney Adam Baugh with Withey Morris, who is representing the developers.

The proposed project will make up 16 buildings, ranging from 70,000 square feet to nearly 600,000 square feet with the possibility of combining two buildings that could total 1.1 million square feet, according to the developers.

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By Ron Davis, Reporter - Phoenix Business Journal