Caliber, a real estate investor, developer and manager, announced the recent Phoenix City Council’s approval of the company’s Canyon Village redevelopment project. The project has rezoned and received all necessary government approvals to retrofit a distressed 300,000-square-foot office building to a 376-unit rental multifamily residential building. The project also benefits from Opportunity Zone tax incentives.
Caliber’s Canyon project will bring much-needed new housing to Phoenix's North Mountain Village area. This infill location will alleviate the anticipated increased demand for housing driven by the TSMC Arizona fab locations. TSMC recently announced a $100 billion increase to its existing $65 billion investment commitment in the United States and that its Fab 2 in Phoenix was completed ahead of schedule.
Office represents the most distressed real estate asset class nationwide due to the $2.4 trillion national office sector being negatively affected by decl
