Caliber has successfully secured funding for the initial phase of its SP10 project in South Phoenix’s Ahwatukee Foothills neighborhood. The first phase will involve transforming a 160-room hotel into 104 high-end apartment units, with plans to also construct low-density townhouse units on adjacent land. Demolition work inside the tower began in May and construction is set to commence this autumn.
According to CEO Chris Loeffler, this project marks the start of revitalizing a hotel property acquired by Caliber in 2018 that was adversely affected by the pandemic. With a combination of investor equity and new construction financing, Caliber has fully funded this purpose-built housing complex that will cater to the growing demand for quality housing within this thriving community.
The development site is situated at East Elliot and 51st Street’s southwest corner.
