Caliber Gains Approval for Canyon Village Redevelopment in Phoenix
Deal News | Apr 22, 2025 | CaliberCos Inc
Caliber, a real estate investor, developer, and manager, announced that its Canyon Village redevelopment project was unanimously approved by the Phoenix City Council. This project involves converting a distressed 300,000 square foot office building into a 376-unit multifamily residential complex. The redevelopment is part of an opportunity zone initiative and strategically responds to the housing demand in Phoenix, fueled in part by TSMC's expansion in the area. With office spaces nationwide facing declining value and demand, Caliber sees this as an opportunity to capitalize on the adaptive reuse of distressed real estate. Caliber's project is expected to benefit from future rent growth as new constructions slow down. The Caliber Tax-Advantaged Opportunity Zone Fund has invested $6.7 million in the project, and further equity is being sought for Phase I construction. Construction is expected to begin in late 2025, with unit delivery starting in the second half of 2026.
Sectors
- Real Estate Development
- Private Equity
Geography
- United States – The project is located in Phoenix, Arizona, and involves U.S.-based companies, along with mentioning broader economic trends affecting U.S. real estate.
- Phoenix, Arizona – The redevelopment project is specifically taking place in Phoenix, highlighting the city's role in the transformation and housing demand context.
Industry
- Real Estate Development – The article discusses the redevelopment of office space to residential, highlighting the adaptive reuse opportunities in distressed real estate.
- Private Equity – CaliberCos Inc., as a PE firm, manages multiple funds investing in real estate projects, indicating its role in private equity investments.
Financials
- $6.7 million – The amount invested by the Caliber Tax-Advantaged Opportunity Zone Fund in the Canyon Village project.
- $1 million – The additional investment by Caliber Tax-Advantaged Opportunity Zone Fund II in the next phase of capital raising.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| CaliberCos Inc. | Developer & Investor | Company | A real estate investor, developer, and manager listed on NASDAQ, leading the Canyon Village redevelopment project. |
| Phoenix City Council | Government | Government | The government body that approved Caliber's redevelopment project. |
| TSMC | Influencer | Company | A semiconductor manufacturing company whose investment in Arizona is creating a demand for housing. |
| Caliber Tax-Advantaged Opportunity Zone Fund, LP | Investor | Company | The fund investing in the Canyon Village redevelopment as part of Caliber's financial strategy. |