The big picture: The waterfall feature is Arizona Falls, at the Salt River Project's hydroelectric generating station on the Arizona Canal near 56th Street and Indian School Road.
Flashback: Arizona Falls' natural 20-foot drop became the site of Arizona's first hydroelectric power plant in 1902, per SRP.
SRP rebuilt the plant in 1911, and it generated power from 1913 to 1950, when it was shut down.
In 2003, the reconstructed site was reopened as both a hydroelectric plant — it can generate up 750 kilowatts, enough to power 150 homes — and a public gathering spot, with a pedestrian footbridge leading to a seating area surrounded by the falls on three sides.