Caliber Secures Funding for Phoenix Hotel-to-Resi Conversion
The property will include apartments and SFR units.
Caliber Cos. has obtained funding the first phase of its SP10 project in Phoenix. The adaptive reuse development will consist of transforming a 160-key hotel into a 104-unit SFR community. An additional 44 townhomes and 40 units will also be constructed in separate buildings.
The funding includes a construction loan as well as investor equity. According to Caliber’s website, the target for investment is $17.2 million.
The same source shows that the developer acquired the asset in 2018 for $18.2 million.
READ ALSO: Creativity Rules in Adaptive Reuse
Law firm Earl & Curley P.C. presented the rezoning request before the Maricopa County Board of Supervisors. Upward Architects designed the multifamily adaptive reuse project, while Felten Group provided architectural services for the SFR portion.
Kicking off interior remodeling, Caliber began demolishing the six-story hotel’s convention center in May. Construction is expected to start this fall.
Plans call for studio, one- and two-bedroom units ranging on average from 400 to 900 square feet. Amenities will include a coworking space, pet park, gym, swimming pool and coffee lounge.
Located at 10831 S. 51st St., the project is less than 1 mile from Interstate 10, while downtown Phoenix is some 13 miles northwest. Employers such as Intel and JPMorgan Chase are within a 9-mile radius of the development.
Adaptive reuse projects in Phoenix
In 2008, The City of Phoenix introduced its Adaptive Reuse Program, which offers development guidance, streamlined processes, reduced timeframes and cost savings for such projects. To qualify, the building must be permitted prior to 2000 and be less than 25,000 square feet in size, among other criteria.
United CRE Partners spearheaded another hotel adaptive reuse project in Phoenix. The new 200-unit property, dubbed Thomas Suites Campus of Care, is a transitional living facility for individuals reentering society following incarceration.
The conversions don’t stop at hotels. WeBuild Res converted an office property into a multifamily community. The 21,000-square-foot office campus was converted into a 26-unit multifamily property named Northern Apartments. WeBuild Res also constructed another 12-unit building at the site.
