A long underused office park near the old Metrocenter mall will soon be transformed into several hundred apartment units.
Why it matters: Phoenix has a severe housing shortage and converting existing buildings into apartments can get units online faster while breathing new life into sleepy office parks .
The big picture: Scottsdale-based Caliber purchased the mostly vacant 312,000-square-foot Canyon Corporate Center at I-17 and Dunlap Avenue this summer and will transform two office buildings and a parking garage into several hundred housing units.
- Construction is expected to begin next summer, with pre-leasing to start the following year.
Zoom in: The project will feature a variety of studio and one-, two- and three-bedroom apartments. The rates will be what Caliber CEO Chris Loeffler called “workforce-plus,” meaning they’ll be affordable to the average Phoenix family.
- The studios will be assembled on the sides of the parking garage, allowing for drive-up parking access.
- There are nine undeveloped acres surrounding the existing structures that may eventually be used for a new-build apartment complex or assisted living facility.