A local investor plans Zanjero falls redevelopment to transform the vacant office building, on a 7.5 acres site in Glendale. This three-story, former office building was built in 2008 as part of the Zanjero Falls Corporate Oasis and developed by Las Vegas-based Investment Equity Development.
Zanjero falls was recently purchased along with the 91st avenues, by Nirvana at Zanjero LLC, an Arizona limited liability company, for about $10 million. The seller SZ Real Co. LLC was represented by Tim Dulany and Alexandra Loye with Colliers, during the negotiations.
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Redevelopment of Zanjero falls, a grey-shell former office building, is to be carried out on a 7.5 acres site, situated at 7410 N. Zanjero Blvd. in Glendale; the old office building sits adjacent to the new Desert Diamond Casino, Gila River Arena, State Farm Stadium and Westgate Entertainment District.
The Zanjero falls redevelopment project’s site is a 231,272-square-foot asset, featuring three buildings with underground parking facilities; it also includes outdoor features such as healing gardens, water features and a large pond with a bridge to the main entrance.
The buyer is looking into design and architectural plans for Zanjero falls and other developments on the site, while awaiting city approvals to build a multifamily property, offering upto 300 units ranging between one-, two- and three-bedroom units, on the site.
Phase I of the construction involves building out the existing shell building of Zanjero falls and this has been scheduled for completion in the last quarter of 2022. Phase II includes the development of stand alone buildings and this is expected to be completed by spring/summer 2022.
According to Tim Dulany, the phaseI construction of Zanjero falls is expected to cost over $20 million. He also pointed out that the site was more lucrative for multifamily and that the property had previously been marketed for senior housing, but suitable buyers were not found due to the impact of the pandemic, which had a major effect on senior living facilities; so in the end, multifamily was chosen as the best option. Dulany also said in a statement that it just wasn’t the right time for senior housing, even though the zoning was approved for it.
