Caliber Converting Ahwatukee Hotel to Apartments

Caliber finalized funding for the first phase of the Company’s SP10 project in the Ahwatukee Foothills neighborhood in South Phoenix. The SP10 project will begin with the conversion of an existing 160-room hotel to 104 apartment units with Class-A amenities. This will be followed by the construction of 44 low-density townhouse units in the back of the tower complex and 40 similar units on acreage recently acquired by Caliber in front of the tower. Demolition on the interior of the tower began in May, and construction will begin this fall.

Chris Loeffler, CEO of Caliber, 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 capitalized the first phase of this built-for-purpose housing complex that will meet the growing housing needs of this vibrant community.”

The project will be located at the southwest corner of East Elliot and 51st Street.