caliber has paved the way for the creation of Riverwalk, a mixed-use project in Scottsdale, Arizona, with the completion of the acquisition of the 100-acre leasehold. The company acquired the leasehold for the entertainment-focused venture from The Alter Group.
Riverwalk will be built in the Salt River Pima Maricopa Indian Community on campus that stretches along the high profile Loop 101. The country is also in a Qualified Opportunity Zone. In addition to the rights, title and interest to the Riverwalk property, the transaction includes underlying leases to certain existing properties, including a 101-key Hampton Inn & Suites and the Topgolf entertainment center. Both the hotel and golf entertainment complex were part of The Alter Group’s Riverwalk Arizona development.
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Caliber believes there is already a demand in the Scottsdale area for a mixed-use destination with an emphasis on entertainment. “Mixed-use spaces that offer experiences are a popular trend, and many companies that offer these experiences have expressed interest in this location for years. However, Alter Group, an office developer, was not interested in adopting this type of entertainment use,” said Brian Snider, Caliber’s senior vice president Commercial real estate agent.
The project will also be built in a prime location that will benefit from existing traffic and the premise “if you build it, they will come”. “The location is quite big and borders on the [Salt River Pima Maricopa Indian] Community’s Casino, as well as the Topgolf venue, which draw a lot of people,” noted Snider.
Caliber hasn’t finalized the details for Riverwalk, but the alternative asset management firm expects to split the site into seven lots to accommodate a variety of offerings. “At this point in the project, I can confirm that restaurants, family entertainment centers, experiential uses and possibly a themed hotel are likely to be part of this development,” Snider said.
The project will likely not provide housing opportunities because the Salt River Pima Maricopa Indian community only allows members of the tribal community to reside on community-owned land. And it looks like Caliber doesn’t plan to include office space in the development either, but nothing is set in stone. “Development of the north side of the property could include some offices as part of a larger use, although no decision has been made,” Snider added.
funds and partners
Caliber has designated approximately 78 acres of the Riverwalk project as one of its initial investments through its Tax Advantaged Opportunity Zone Fund II LLC, a $250 million equity fund that launched in August 2022. One of the first companies in the US to launch a Qualified Opportunity Zone Fund, Caliber is also one of the most successful investors in the Opportunity Zone. The fund will also provide equity for vertical development on the site, either in partnership with developers or for caliber-sponsored developments. Such a partnership already exists.
Platinum Advisors LLC, who works with Caliber on Riverwalk’s entertainment segment, is no stranger to the site, having worked for four years to obtain the right to purchase the lease. The Company has committed to participate in the vertical development of some of the Project’s lots.
Local guides support Caliber’s plans for Riverwalk. In a prepared statement, Chris Camacho, President of the Greater Phoenix Economic Council, expressed the stakeholders’ common goal for the project, noting that the area will become the epicenter of all-ages entertainment in Scottsdale and one of the most visited areas in the United States Status as soon as this development is completed.