Here’s what VAI Resort project’s economic impact is worth to Glendale
Nov 27, 2023, 4:15 AM
VAI Global Development has continued to make progress on its new hotel and water feature in Glendale's sports and entertainment district. The initial portion of the project is expected to now open in 2024. (VAI Global Development Rendering)
(VAI Global Development Rendering)
The planned VAI Resort in Glendale is expected to have a $32 million annual economic impact, or about $800 million over 25 years to the city of Glendale, according to an economic impact report released Tuesday.
When the resort project was unveiled in 2020 as the Crystal Lagoons Island Resort — under different ownership — a similar study at that time indicated it would bring in $9.6 million in annual revenue for the city with an estimated $700 million total revenue impact for all taxing jurisdictions over 25 years.
The project was originally set to include 630 hotel rooms, an 11-acre lagoon, office, retail and more across 48 acres.
Since then, the concept, layout and size of the resort has significantly expanded to about 1,100 hotel rooms across four towers with an outdoor amphitheater and concert venue.
To reflect the updated concept the city contracted again with Phoenix-based Applied Economics to produce an economic impact report for the VAI Resort, which is set to include 10 mixed-use buildings and open in two phases, initially at the end of 2024 and the second phase in the summer of 2025.
This story is posted in partnership with Phoenix Business Journal. Click to read the full story.
