Caliber is getting ready to undertake one of the Valley’s largest office-to-residential redevelopment projects.
The company recently paid “in the low $20M range” for Canyon Corporate Center at 2510 W. Dunlap Ave. Seller ViaWest was represented by Cushman & Wakefield’s Steve Lindley and Alexandra Loye. ViaWest paid $27M for the property in 2020.
The 300KSF-plus Canyon Corporate Center is located in an Opportunity Zone and features two office buildings and two parking garages. Caliber plans to renovate the buildings to develop at least 400 new residential units. The project could also expand to create additional units on a currently vacant portion of the property, eventually reaching a total of up to 700.
Apartments will range from studios up to three bedrooms in size.
Caliber representatives said the company will have discussions with Taiwan Semiconductor Manufacturing Company about housing some of its workforce at the property. TSMC had entered into a 46.7KSF office lease on the site in 2020 but has never taken occupancy.
Caliber will need to obtain a variance waiver from the City of Phoenix for the redevelopment, now known simply as “Canyon.” The current zoning allows residential uses, but Caliber is seeking a deviation from the existing development standard requirements.
The $40M project will be executed in phases, with development expected to begin in the middle of next year and last through 2027. (Source)
