The city of Glendale just took a major step in supporting one of Arizona’s most anticipated developments—VAI Resort. Here’s what real estate investors need to know:
Key Highlights:
- Ground Lease Approved: Glendale City Council approved a 25-year lease (with two 10-year extension options) for one acre of city-owned land near 95th and Montebello avenues.
- Development Purpose: The leased land will support traffic flow and parking infrastructure, including a mixed-use building and pedestrian bridge.
- Pedestrian Bridge Bonus: As part of the agreement, the developer will build a pedestrian bridge across 95th Avenue at their own expense, boosting accessibility for visitors.
Why It Matters for Investors:
- Massive Resort Impact:
- Opening late 2025
- Four hotel towers
- 1,100 rooms
- Indoor theme park and water features
- Projected to create 1,800 jobs
- Strategic Location: Adjacent to State Farm Stadium’s parking and near the new 4,000-space parking garage.
- City Benefits: Glendale gets 2,000 sq. ft. of space rent-free for emergency services and traffic operations.
Political & Public Response:
- Some residents raised concerns over transparency and city resource use.
- One council member confirmed the space will also serve as a security checkpoint for the resort.
Context:
- This comes as part of broader support for the $1.2B VAI Resort and Mattel Adventure Park development.
- Previous agreements include $6M in waived fees and a controversial $18M for parking access, following legal pushback from advocacy group Worker Power.
Investor Takeaway:
This project is a game-changer for the Glendale area and signals a bold bet on tourism and mixed-use development. With over 1,800 new jobs and massive foot traffic expected, nearby single-family home rentals and short-term stays are likely to see a demand bump. Maricopa County landlords—keep an eye on VAI’s grand opening in late 2025.