Caliber Receives Approval for Canyon Village Redevelopment in Phoenix

Caliber, a US-based real estate investor and developer, has received unanimous approval from the Phoenix City Council to redevelop a distressed 300,000-square-foot office building in North Mountain Village into a 376-unit multifamily residential complex. The Canyon Village project, located in a federally designated Opportunity Zone, is positioned to address rising housing demand in Phoenix, driven in part by the rapid expansion of TSMC’s semiconductor operations. This redevelopment reflects a broader trend in adaptive reuse of office space amid declining office property values, weak post-pandemic demand, and higher financing costs. Caliber’s CEO highlighted the significant discounts at which commercial real estate can now be acquired, noting the Canyon Village property was purchased at around 15% of its estimated replacement cost. The project is backed by Caliber’s Opportunity Zone Funds, with initial units expected to be delivered between mid and late 2026, coinciding with anticipated population growth and strengthening rental markets. Analysts remain cautious on Caliber’s financial outlook due to high debt and profitability concerns, despite these strategic efforts.