Downtown Mesa Revitalization Progress Continues With Opening of 2nd Avenue Commons Housing Development
New Complex Brings Attainable Workforce Housing Solutions to a Booming Region of Maricopa County
Caliber, a manager of real estate investments and developments, is accelerating the growth of a variety of housing solutions in the booming Downtown Mesa, Arizona, area. On Monday, October 16, Caliber executives alongside Mesa Mayor John Giles and Councilmember Jenn Duff, oversaw a ribbon-cutting ceremony for the 2nd Avenue Commons at 140 W 2nd Avenue. The Commons is a 144-unit workforce housing complex, consisting of 12 three-story buildings, which collectively house 48 one-bedroom units and 96 two-bedroom units. Caliber has co-developed the property alongside Cardinal Capital Management and MEB Management Services is managing the leasing of units.
“The steps we’re taking to revitalize Mesa’s central corridor are bringing a renewed sense of history and character,” said Mesa Mayor John Giles. “2nd Avenue Commons is a welcome addition, creating more opportunities for people to live in our downtown. We appreciate Caliber’s investment and commitment to Mesa.”
As Arizona’s third-largest city, Mesa ranks as one of the best places to live, known for its charm, diversity and affordable high standard of living. Mesa is the 34th largest city in the U.S. and one of the fastest growing with its population increasing by 22.5% from 2010 to 2020. Downtown Mesa has experienced a renaissance in the past few years with the introduction of light rail service, redevelopment of its historic core, and the new Arizona State University Campus at Mesa City Center. This growth has accelerated the need for expanded housing solutions to accommodate students, young people, and families moving to the area.
Caliber’s Opportunity Zone Funds have played a key role in developing solutions to this growing need through the acquisition and development of properties like 2nd Avenue Commons as well as an innovative new concept located at 29 West Main Street with 90 ZenniHome units under construction. ZenniHome units offer a viable solution to the housing industry shortage by designing and factory-building their model homes to be easily transported and stack in multi-family configurations.
“The investment in Downtown Mesa is a priority for Caliber, not only as a business growth strategy, but as members of the surrounding community,” said Chris Loeffler, Chief Executive Officer of Caliber. “Our focus on housing solutions will directly support continued growth in the broader area, including the exciting and diverse new businesses that now call Downtown Mesa home. We’re proud to be a part of the redevelopment efforts in Mesa, which are providing our investors with the opportunity to invest in meaningful, high impact projects with competitive returns.”
“Caliber has served as a key partner in the development and launch of the 2nd Avenue Commons property,” said Susan Kauffman, Vice President of Business Development at MEB. “Together, we are bringing exceptional new housing units to Downtown Mesa, meeting a critical need for the growing population.”
Caliber began acquiring a series of buildings in and around Downtown Mesa, a designated Opportunity Zone, in 2017. Alongside housing developments like The Commons and ZenniHome, Caliber is developing 10 buildings and approximately 160,000 sq. ft of mixed-use space, including Southwest Institute of Montessori Studies Inc. (SIMS), which closed on a 10-year lease at 305 E. Main Street, Sonoran Rows, a Craft Malthouse located at 18 W. Main, Copper City Spirits at 155 W. Main Street, and the recently opened Level 1 Arcade Bar, located at 48 W. Main Street.
These projects in Downtown Mesa are all part of Caliber’s Opportunity Zone Fund and are central to the redevelopment of the area. Opportunity Zone funds offer investors the ability to reduce and eliminate short and long-term capital gains tax liabilities by investing in a professionally managed real estate fund and completing new developments that are impactful to the designated communities within each zone. All of Downtown Mesa is located within an opportunity zone, making it an attractive location for additional investment.
For more information, visit Second Avenue Commons
Photo Source: LinkedIn/Caliber