Retail and commercial redevelopment plans for 100,000 square-feet of property in the heart of Mesa to help spur community vitality and economic growth

Scottsdale, Arizona – Caliber – The Wealth Development Company, a real estate investment, development and management firm, and project partner, Habitat Metro, have purchased eight (8) downtown buildings for $7.5 Million on Main Street in Mesa, Arizona. Investment in, and re-development plans for, the nearly 100,000-square-feet of historic urban buildings are important project components to the economic strengthening and downtown transformation efforts of Arizona’s third largest city. Caliber Development, a subsidiary of Caliber – The Wealth Development Company, will serve as design-general contractor.

Initial concepts for revitalization include, among others, a rooftop restaurant on The Newberry building. According to Roy Bade, Executive Vice President of Commercial Acquisitions and Development, “Caliber is proud to play a part in this important project for the City of Mesa. We’re currently working on restoration plans with prospective new tenants to renew the energy and excitement of these underutilized historic buildings.” He added, “The retail and commercial concepts under review including restaurants, office space, and family/entertainment venues will bring vitality and support the influx of residents and visitors to the city’s urban core.”

“It’s an exciting time for downtown Mesa,” said Mesa Mayor John Giles. “Several projects are in the planning stages and working with Caliber on the development of their properties will result in an innovative place rich in character where people will want to live, work and play.”

The 8-building acquisition was purchased with the Caliber Diversified Opportunity Fund II, LP (the “Fund”).  The Fund offers accredited investors and registered investment advisors (RIAs) direct access to invest in “middle market” U.S. commercial real estate assets that can deliver attractive risk-adjusted return through a combination of current income and capital appreciation. Other development projects currently participating in the Fund include Net Zero Energy communities The Eclipse (Scottsdale, AZ) and The Roosevelt (Tempe, AZ) along with the 256-acre Villages at Johnstown mixed-use community north of Denver, CO.

The City of Mesa has achieved tremendous progress with its plans to revitalize the community with the strategic expansion of the light rail, a spring training facility and the new world-class $100 Million Mesa Arts Center. The City of Mesa recently announced that it is in talks with Arizona State University to expand downtown with programs in film, media, gaming, virtual reality and more. Additionally, Co+HOOTS recently announced it will bring its nationally-recognized collaborative shared office space to Downtown Mesa as part of The GRID’s $60 Million mixed use residential, office and restaurant project targeted to bring 500 new residents to downtown Mesa.

Individuals interested in the Caliber Diversified Opportunity Fund II, LP can call 480-295-7600 or email Invest@caliberco.com.

Phoenix Business Journal is reporting that Downtown Phoenix is about to get $75 million in new luxury condos as Habitat Metro announced it will begin construction on Phase 2 of its Portland Place condominium community later this year.

The new project, called Portland on the Park because of its location between Portland Park and Margaret T. Hance Park bordering Central Avenue, is expected to be completed in 2016. The project will have 170 units in 4-story, 12-story and 14-story towers with condo prices ranging from the low $200,000s to roughly $1 million. Homes range from 745 square feet to 2,381 square feet.

“We’ve had a lot of interest for the project and people are very happy with what we built in our first phase,” said Tim Sprague, principal of Habitat Metro, developer of both projects. “It’s time to continue.”

Habitat Metro is partnering with Sunbelt Holdings and Davis Architecture on the project. Davis designed the first phase, winning the Golden Nugget Award for the best multifamily project in the West for the design. Also contributing to the development is Habitat Urban and Designated Broker David Newcombe. Marketing for the project is split between Vancouver-based Braun Allison and the Scottsdale-based James Agency.

In addition to the 170 housing units, the development will include commercial space on the first floor.

Sprague said, as an infill project, Portland on the Park has unique struggles. The neighborhood surrounding the development has its own aesthetic with which the new structure needs to blend. However, Sprague said he isn’t worried. As president of the Hance Park conservancy, he is already involved in the neighborhood.

“You probably have a few more challenges because you’re going into an existing neighborhood, but on the other hand you are able to compliment the neighborhood,” Sprague said.

While demand for condos was wiped out during the recession and slow to recover after it, Sprague said he is confident the market is back.