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Scottsdale Developer to Convert Aging Hotel Property Into Nearly 200 Apartments

By December 22, 2022January 17th, 2023No Comments

By Audrey Jensen | Phoenix Business Journal

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.

Construction is expected to commence in Q3 of 2023 and be completed by late 2024, according to the company.

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Related: Scottsdale City Council Votes Down Caliber Cos. 262-Unit Multifamily Project