A high-stakes special election in Glendale could impact one of Arizona’s most anticipated real estate developments: the $1.2 billion VAI Resort. Here’s what real estate investors need to know:
🔹 What’s Happening:
- Glendale voters must decide by May 20 on two zoning-related ballot measures (Propositions 401 & 402).
- These propositions affect land rezoning and updated development plans tied to VAI Resort.
🔹 The Stakes:
- If either proposition fails, developers may need to rework plans or face delays in acquiring critical zoning approvals.
- The resort includes 1,100 hotel rooms, a convention center, Mattel Adventure Park, an amphitheater, and commercial office space.
🔹 Economic Impact:
- Expected to generate $32M in annual tax revenue.
- Could create 2,000+ new jobs.
- Loss of rental TPT tax already strains Glendale’s budget by $14M/year—boosting the city’s desire to see this project move forward.
🔹 Opposition vs. Support:
- Labor group Worker Power pushed the vote, citing transparency and concerns over public incentives.
- VAI Resort has spent over $455K campaigning in support, nearly 10x what Worker Power has spent.
🔹 Investor Takeaway:
- A delay in VAI’s timeline could impact short-term construction jobs and long-term hospitality/tourism growth in the West Valley.
- Political intervention highlights regulatory risks for developers and landlords—particularly around zoning and entitlements.