Come out to Rainbows festival! It is being held on October 1st and October 2nd. New Times will be out supporting Rainbow Festival so please make sure to stop by our tent. The annual Rainbows Festival & Street Fair is a celebration of the diversity of the LGBT community. The event is located in historic Heritage Square Park in downtown Phoenix. Each year, the Rainbows Festival draws a crowd in excess of 25,000 gay and lesbians, family members and friends. This is one of the largest LGBT events in the state of Arizona.