Terraces at New River

Phoenix, AZ


The subject property lies between the New River wash to the west and the Loop 101 to the east, immediately north of W. Bell Rd and across the freeway from Arrowhead Mall, Costco, abundant desirable retail & restaurants, and multiple MLB spring training complexes. The total gross acreage of the site is +/-34 acres, however the net-acreage is +/-17.85 acres after deducting the land that is encumbered by the New River wash. For many years this property was zoned for commercial/office uses and, despite the rapid growth of the adjacent area, sat vacant due to access issues and other developers viewing the New River wash impact as too challenging to take on. To allow development of the site, municipal and federal authorities would require a developer to complete the lengthy CLOMR (Conditional Letter of Map Revision) process with FEMA and the Army Corps of Engineers by creating a detailed gabion-mattress wall riverbank protection plan.


Evergreen realized the significant unrealized value that could be produced by committing additional time and effort to the site. Evergreen gained control of the property in late 2019 and successfully navigated the complex CLOMR approval process in approximately half the time usually required. Through involved collaboration with the City of Glendale and surrounding neighborhood stakeholders Evergreen rezoned the property for a luxury 418 garden-style unit multifamily development.

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