Acreage that has been or is planned for annexation includes:
- Woolf Logistics, including Red Bull property: 1,200 acres east of Loop 303 and north of Northern Parkway.
- Lincoln property, also known as Park 303:71 of the 265 acres east of Loop 303 and south of Glendale Avenue have been annexed so far.
- Moss Dairy, also known as West 303 Logistics: 76 acres east of Loop 303 and south of Glendale Avenue.
- Everest Holdings, also known as the Barclay property: About 97 acres west of Loop 303 and south of Glendale Avenue.
- Cotton properties: 161 acres west of Loop 303 between Glendale Avenue and Bethany Home Road.
Glendale officials estimate that once they annex all the land they have in mind and the land is built out, the city will rake in an additional $17 million in annual tax revenue. The projection is based on the land use and not actual proposed projects.
It estimates the companies that will come will bring 21,000 new jobs, according to a preliminary economic-impact analysis the city completed a few years ago.
City officials are emphasizing just how crucial this future revenue will be as the city continues to pay off debt and expand services.
It’s so important that, at a recent meeting, Glendale Councilman Ray Malnar called Loop 303 “the future of Glendale.”
Capitalizing on Loop 303
Glendale is the latest city in the Valley to capitalize on its freeway access for industrial use.
Loop 303 has become “one of the bright new opportunities for the Southwestern U.S. industrial market,” according to David Krumwiede, executive vice president of Lincoln Property Company.
The company’s plan is to make it even more significant with Park 303, and it has hope based on the success of other nearby projects, Krumwiede said.
There’s already 30 million square-feet of industrial and commercial space in the city, but the city estimates that all of the prospect development along Loop 303 could add an additional 20 million.
This space is sorely needed, Kennedy of CBRE said. Not just industrial space, he said, but also office space.
He points to a stat from Westmarc, a public-private partnership in the West Valley, that indicates 69% of the West Valley’s workforce commutes to jobs in other parts of the Maricopa County. Another says that 34% of finance and insurance workers live west of Interstate 17, but only 17% work in the West Valley.
“Those folks are getting on the I-10, heading into town, spending 40 minutes to an hour each way, and the desire would be to have their jobs out in the West Valley, so their commute times are less,” he said.
Glendale City Manager Kevin Phelps said that the one thing that would slow development down at this point is the market itself.
Kennedy doesn’t see this happening.