Monday, August 22, 2022 / by Juan Grimaldo
Scottsdale company eyes 80-acre mixed-use project near Talking Stick
CaliberCos. Inc. is looking to bring new commercial development along the Loop 101 near Scottsdale and the Salt River Pima-Maricopa Indian Community.
The Scottsdale developer is nearing closing on a land lease that would allow it to be the master developer of 78.6 acres in an Opportunity Zone near Topgolf and Talking Stick resort. The plan for what that commercial development will look like remains in flux, Caliber officials said, but the developer considers this project, known as The Riverwalk Development, as the kick-off to its second Opportunity Zone fund.
Caliber's investor pool is made up of high-net-worth individuals. Those investors will have their funds spread out over the projects Caliber pursues through this $250 million fund
"We think we're going to raise the [money] over the next two years," Caliber CEO Chris Loeffler said. "Every time they're investing, we're taking that capital. ... And when we have enough cash to close on a project, we close on the project."
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By Ron Davis, Reporter - Phoenix Business Journal