April 18, 2024 1:59 am
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Scottsdale developer buys land near Tempe Town Lake for more townhomes

A rendering of Caliber’s Roosevelt Townhome Community in downtown Tempe. / Caliber / Phoenix Business Journal

Opportunity zone funding was used to back the project

By Angela Gonzales | Phoenix Business Journal

Caliber-The Wealth Development Co. is building townhomes near Tempe Town Lake, tapping into opportunity zone funds to develop the $19 million project.

The project, which sits on about 2.75 acres west of the southwest corner of Ash Avenue and Rio Salado Parkway in Tempe, will include 41 three-story homes.

The Scottsdale-based developer already has 14 townhomes under construction on a parcel originally purchased in 2017.

Plans call for adding 19 more in the second phase, said Roy Bade, executive vice president and fund manager for Caliber.

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