PHOENIX — There's a lot happening near Interstate 17 and Dunlap Avenue.
"This is one property we've been tracking for quite a while," Chris DuCharme said. "We saw the offer come out initially, it piqued our interest because it hit on a couple things."
DuCharme is the Director of Acquisitions and Real Estate Services for Caliber, the investment firm that's planning to redevelop the Canyon Corporate Center. He said a lot was appealing to the project, including its location.
"There's a lot of interesting stuff going on where this property is located," DuCharme said. "It's across the street really from the Metro Center Mall, which is being redeveloped right now, it's on the light rail and there are a lot of opportunities nearby. It's close by to the TSMC plant that's being built off I-17."
The plan is to transform the more than 300,000 square foot, two-building property into more than 300 units. Two parking garages and more land to the west offer the possibility of hundreds more.
"There's a housing shortage all across the country and Phoenix is no different," DuCharme said. "There's been great development but with how many people have come to Phoenix over the past couple years throughout the pandemic, it's gotten really tough to afford a house and even apartment. So, we feel strongly that continuing to increase the supply is the answer to that and this is a great project to do that."
This type of re-development can help save time, money and can get people into a home faster. However, it can also be a big challenge. This includes making sure each rental unit has windows, proper sewage and has enough livable space. DuCharme though said the firm is confident in its plans to get it done. It's budgeting about $40 million for the project.
"It's easier said than done, the building has to be positioned well and in a good area," he said. "The floor plans have to work and can't be too large, and this one checked all the boxes. There'll be some extra complications and I'm sure we'll find out things we didn't expect. It fits for a conversion because it's more of an 'L' shape and the floor plates are skinnier so we can really, efficiently fit a lot of units in there and really make sense of the project."
Construction for the first building is planned to start next year and is expected to take about 12 months. Pre-leasing will also happen around that time.
"This is extremely exciting for both us and the city," DuCharme said. "Again, there's really cool stuff going on here with the Metro Center Re-Development and we think that'll revitalize the area and we want to be part of that and contribute to that."
The plan is to include studios and 1, 2, and 3 bedroom apartments. DuCharme said the buildings will have all amenities including pool and fitness center and will have the feel of a ground-up development.
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