Caliber, a prominent real estate investor, developer, and manager, has announced plans for the first phase of its SP10 project, located in South Phoenix, US. 

The company has completed the funding for this initial stage.  

Caliber CEO Chris Loeffler said: “Funding this project initiates the turnaround of a hotel asset we acquired in 2018 that was negatively impacted by the pandemic.  

“Through the combination of investor equity and a new construction loan, we have fully capitalised the first phase of this built-for-purpose housing complex that will meet the growing housing needs of this vibrant community.” 

Situated at the south-west corner of East Elliot and 51st Street, the project is adjacent to the Interstate 10 motorway.

The development will include the transformation of an existing 160-room hotel into 104 apartment units.  

Following this, Caliber plans to construct 44 low-density townhouse units behind the tower complex, along with an additional 40 units on recently acquired land in front of the tower.  

The entire complex, comprising single-family rentals, will have access to a suite of amenities. 

The block will include 80 one-bedroom, 23 studio, and one two-bedroom units.  

Each apartment will have a full kitchen and washer units. 

The ground floor will feature a range of amenities, with an emphasis on co-working spaces and club amenities tailored to work-from-home residents. 

Surrounding the tower, the townhome-style units will average just over 1,200ft², with some units having direct access to a garage.  

Interior demolition of the hotel tower began last month.

Caliber anticipates that construction on the tower phase of the project will begin in late 2024.