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, Ariz. (February 26, 2018) – 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 withprograms 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.