Home News AZ Big Media Caliber will develop 100-acre The Riverwalk project near Scottsdale

AZ Big Media Caliber will develop 100-acre The Riverwalk project near Scottsdale

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calibera fully integrated alternative asset manager, and opportunity zone An investor today announced that it has purchased a 100-acre land lease to begin development of the Riverwalk development project located in the Salt River Pima Maricopa Indian Community (SRPMIC).

The proposed Riverwalk property is located along Highway 101 from Talking Stick Way in the south to Ventura Avenue in the north and is located in an eligible Opportunity Zone. Current plans are to divide approximately 100 acres of land into seven parcels to provide mixed-use entertainment, retail, restaurants, hotels, event venues and immersive art attractions. The land lease includes a base lease for the existing Hampton Inn and TopGolf entertainment facility.

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About 78 acres of the project will be one of the first investments by the company. Caliber’s Tax Advantage Opportunity Zone Fund II, LLCa $250 million equity fund aimed at investing in a diversified portfolio of real estate properties and real estate-related equity investments in selected opportunity zones located in high-growth markets in the southwestern United States The fund also aims to provide equity for the vertical development of this site, either in partnership with a developer or for Caliber-sponsored development.

“This is a great opportunity to work closely with SRPMIC to develop Scottsdale’s premier entertainment and multi-destination destination,” said Chris Loeffler, Chief Executive Officer of Caliber. “By investing in Opportunity Zones, we can create a compelling community impact while offering compelling services. Returns and tax savings for investors. ”

Jim Riggs, a partner at Platinum Advisors, LLC, worked four years to obtain the right to purchase a land lease. Riggs viewed Caliber as an investor and potential partner for its expertise in developing projects within eligible opportunity zones and extensive experience in mixed-use projects. Platinum Advisors, LLC and Caliber Realty Group, LLC represented Caliber as buyers brokers for the project.

“With their experience and reputation, Caliber was my first call when land was secured,” said Riggs.

Greater Phoenix Economic Council (GPEC) Chairman Chris Camacho said:

In addition to the Talking Stick casino and top golf venues, the Riverwalk development is near Talking Stick Field and Pavilion retail shopping centers. Camacho believes that with easy access from the entire valley and from local resorts, the development will be a prime location for those seeking a variety of fun experiences.

Caliber was one of the first companies in the country to establish a Qualified Opportunity Zone Fund (QOF) and today is one of the top 7% of QOF managers, Novogradak Opportunity Zone Investment ReportQOF’s ability to reduce and eliminate short- and long-term capital gains tax liabilities by investing in professionally managed real estate funds and completing new developments affecting designated communities within each zone. to investors.

Created in late 2017 as part of the Tax Cuts and Jobs Act, these funds help stimulate economic growth in needy communities across the country. Investors who have held the fund for more than 10 years can receive tax-free capital gains from QOF investment growth.

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