Scottsdale-based Caliber’s $19 million Tempe townhome project advancing
PHOENIX — The second phase of a real estate development project worth $19 million is preparing to go to Tempe City Council for a design review later this month.
According to the Phoenix Business Journal, Caliber, The Wealth Development Co. based in Scottsdale is getting ready to add 19 homes to the 14 homes already built on the southwest corner of Ash Avenue and Rio Salado Parkway.
The group plans to add additional homes in a third phase to bring the total amount of homes to the site up to 41. They are calling the development Roosevelt Townhomes.
Roy Bade, executive vice president of Caliber said the company was happy to acquire new land in a hot market.
“We’ve had city support in the past and we expect to have continued city support,” Bade said. “We wanted a product right off Mill Avenue, off Tempe Town Lake and close to employment and ASU.”
The company recently acquired a third parcel of land, which initiated the third phase of the project. Bade expects the third phase to begin in about four to five months.
Homes in the development are expected to cost as much as $525,000.
“We’re really looking at employee-based clients and not university students,” Bade said.
Phase I of the development is expected to be completed by September or October.
The company is also finishing a project called Eclipse in Scottsdale near McDowell and Granite Reef roads. The total cost of that project was just $9 million.