Caliber, an Opportunity Zone investor, purchased the lease rights for 100 acres of land to begin developing The Riverwalk Development project, located in the Salt River Pima Maricopa Indian Community, just south of Scottsdale.

Current plans include splitting the almost 100 acres into seven parcels where mixed-use entertainment, retail, restaurants, hotels, event venues and immersive art attractions will be featured. The land lease includes the underlying leases for the existing Hampton Inn and Topgolf entertainment venue.

Approximately 78 acres of the project will be one of the first investments by Caliber’s Tax Advantaged Opportunity Zone Fund II, a $250 million equity fund targeted to invest in a diversified portfolio of real estate properties and real estate-related equity investments in select opportunity zones located in high-growth markets across the Southwest U.S. This fund also seeks to provide equity for vertical real estate development on this site, in partnership with developers or for Caliber sponsored developments.