As Arizona’s third-largest city, Mesa is known for its charm, diversity and affordable high standard of living. Downtown Mesa has experienced a renaissance with the introduction of light rail service, redevelopment of its historic core, and the new Arizona State University Campus at Mesa City Center.
Located within a federal qualified opportunity zone, Downtown Mesa has become an increasingly attractive location for real estate and business investment. Opportunity Zone funds provide investors with diversified exposure to real estate projects that are impactful to the local communities and the potential for significant tax benefits.
Scottsdale-based CaliberCos Inc., an Opportunity Zone investor, announced the leasing of two more of its properties in Downtown Mesa as part of the Company’s ongoing redevelopment efforts in the city.
Level 1 Arcade Bar will be moving into 48 W. Main Street, bringing a family-friendly environment for all ages to enjoy a retro arcade experience along with a full menu and bar. In addition, Copper City Spirits will occupy 155 W. Main Street. The restaurant’s owners operate another location in Tempe, under the name AZ Distilling Co., which is known for its locally sourced products and award-winning spirits, including Copper City Bourbon, the first legally produced bourbon in Arizona.
“Mesa is a vibrant, dynamic city and these new businesses will be well supported by its booming population growth. We’re proud to be part the redevelopment efforts in Mesa, which are providing our investors with the opportunity to invest in meaningful, high-impact projects with competitive returns,” says Chris Loeffler, chief executive officer of Caliber.
Caliber began acquiring several buildings in and around Downtown Mesa in 2017. Today, the Company is developing 10 buildings and approximately 160,000 square feet of mixed-use space. These projects are all part of Caliber’s Opportunity Zone Fund and are central to the redevelopment of Downtown Mesa.