Downtown Mesa revitalization efforts in full swing as more businesses arrive
SCOTTSDALE, Ariz.–(BUSINESS WIRE)–Caliber, a fully integrated alternative asset manager and Opportunity Zone investor, announced that it has leased three more of its properties in Downtown Mesa as part of the company’s ongoing redevelopment efforts in the city.
ZenniHome will install 90 ZenniHome units at 29 West Main Street. This innovative company was founded in 2019 to provide viable solutions to the shortage in the housing sector. To do this, they design and factory build their model homes to be easily transported and stacked in multi-family configurations. These homes are built with a minimal environmental footprint and include advanced technologies that transform the customer experience of buying, investing, owning and living.
“Caliber has been a strong partner in downtown Mesa, and has also supported ZenniHome’s relocation of manufacturing from China to an investment in an opportunity area at the Navajo Power Plant in Page, Arizona.” said Bob Worsley, co-founder of ZenniHome. “We are now ready to build the steel volumetric modules at the Page plant and will be delivering them to the new Downtown Mesa site in the coming months. All in all, we couldn’t ask for a better or smarter partner and financier than Caliber. »
Another new tenant, Southwest Institute of Montessori Studies Inc. (SIMS), entered into a 10-year lease at 305 E. Main Street. SIMS, established in 2011 as a non-profit organization and affiliated with the Association Montessori Internationale (AMI), will reside on the entire second floor of the building, occupying 12,010 square feet. The SIMS is poised to serve as a hub for Montessori education and community in the South West region. This space will include SIMS teacher training facilities, with a range of Montessori materials for adult students to use in their practice and study.
Finally, Sonoran Rows, a craft malthouse, will be located at 18 W. Main. Targeting the second half of 2023 to open, Sonoran Rows will feature a malt house, restaurant and bar operating over 15,000 square feet plus 3,000 square feet of patio space in historic downtown Mesa. The malthouse plans to produce up to 25 tons of malt per week and will brew Arizona-grown barley and other grains in the traditional floor malting style. The malted grains will be used for local breweries, distilleries, bakeries and restaurants. Menus at Sonoran Rows Bar & Restaurant will highlight beers, spirits and food made locally from these grains.
“We’re excited to continue to diversify the businesses we help bring to Downtown Mesa,” said Chris Loeffler, CEO of Caliber. “Mesa is a vibrant and dynamic city and these businesses will be well supported by its growing population. We are proud to be part of Mesa’s redevelopment efforts, which provide our investors with the opportunity to invest in meaningful, high-impact projects with competitive returns.
The new leases come after two other businesses announced plans to move to Mesa. Level 1 Arcade Bar, located at 48 W. Main Street, has brought a family-friendly environment to downtown Mesa. Patrons of all ages can enjoy a retro arcade experience with fully restored arcade and pinball machines, plus a full menu and bar. Copper City Spirits occupies 155 W. Main Street. The restaurant owners operate another location in Tempe, Arizona under the name AZ Distilling Co. It is known for its local produce and award-winning spirits, including Copper City Bourbon, the first legally produced bourbon in Arizona.
Caliber began acquiring a series of buildings in and around downtown Mesa in 2017. Today, the company is developing 10 buildings and approximately 160,000 square feet of mixed-use space. In February, Caliber also began construction on The Commons of Mesa, a 144-unit workforce apartment community, which it is co-developing with Cardinal Capital Management. These projects are all part of Caliber Opportunity Zone Funds and are central to the redevelopment of downtown Mesa.
Opportunity Zone funds offer investors the opportunity to reduce and eliminate short and long-term capital gains tax liability by investing in a professionally managed real estate fund and realizing new developments that impact designated communities in each area. All of Downtown Mesa is located in an Opportunity Zone, making it an attractive location for additional investment.
As the third largest city in Arizona, Mesa ranks among the best places to live, known for its charm, diversity, and affordable standard of living. Mesa is the 34th largest city in the United States and one of the fastest growing cities. Downtown Mesa has experienced a renaissance in recent years with the introduction of light rail service, the redevelopment of its historic center and the Arizona State University’s new campus in downtown Mesa.
Caliber is a vertically-integrated alternative asset management company whose main objective is to increase the wealth of investors seeking to invest in middle market assets. We strive to create wealth for our investor clients by creating, managing and servicing proprietary products, including middle market investment funds, private syndications and direct investments. Our funds include investment vehicles focused primarily on real estate, private equity and credit facilities. We market our services through direct sales to private investors, wholesale to investment advisers, direct sales to family offices and institutions, and through internal client services. Additional information can be found at calibreco.com and CalibreFunds.co.