Scottsdale-based Caliber Cos. is in the process of building a new multifamily complex and repurposing an aging hotel for new apartments in the Phoenix area.
The existing Four Points By Sheraton Phoenix South Mountain hotel, which Caliber Cos. currently owns, is located at an overall 8-acre site in Maricopa County on the southwest corner of Elliot Road and Interstate 10.
The site is located in the Ahwatukee area of Phoenix within a large commercial core and within a 20-minute drive of Intel Corp.'s semiconductor campus in Chandler.
On about three acres, the company is planning to develop a new single-family rental complex with 88 units, with two and three-bedroom options that are two stories each.
Caliber Cos. will also demolish the convention portion of the six-story hotel while repurposing the 160 rooms into 100 apartment units including studio and one-bedroom options. The 116,145-square-foot hotel, which was built in the 1980s, is expected to close operations next year.
