Cannabis Business Park Planned in Tempe

Zoned Properties recently raised the curtains for what will be Arizona’s first cannabis business park. The company hopes to open an 80,000-square-foot space at its Tempe facility near the cross-streets of 52nd street and University Drive.

The Scottsdale-based company has seen a steady increase in property value. They’ve established properties in Tempe, Chino Valley, Green Valley and Kingman, Arizona.

In January, Zoned Properties collaborated with the City of Tempe to adjust its zoning codes for medical cannabis operations. “With the local zoning amendments adopted, we are now in a position to significantly increase the value of the property by implementing our business model to develop and lease a unique property at above-market rental rates,” stated CEO Bryan McLaren. “At present, we expect lease commitments for the entire space by the end of the first quarter that would provide for long-term leasing of the space to multiple tenants with terms that would generate an estimated gross annual revenue of approximately $2.2 million for the entire property.” Documents indicate that the company has now agreed to pump over $2.5 million into the development site. Zoned Properties worked with the firm behind the Tuscon-based Catalina Hills dispensary.

Zoned Properties is proud to have Irvin Rosenfeld as a member of its Board of Directors since 2014. Irvin is one of the longest survivors of the secretive Federal Medical Cannabis Program. The next phase includes working with an architectural firm and secure lending and lease terms. “We are pleased with the outcome of the ordinance amendments for Tempe medical marijuana regulations,” stated Tempe Deputy Director of Planning Ryan Levesque. “Tempe had initially adopted an ordinance that cautiously addressed these new business ventures and the unknown impacts. The changes to the code for cultivation facilities offer an appropriate flexibility while maintaining an appropriate level of regulations for enforcement.”