Caliber Cos. has paid $10 million for a 96-bed hospital located in an opportunity zone in downtown Phoenix. Medical Behavioral Hospital of Phoenix will occupy the property as soon as Caliber will complete the announced $9.5 million renovations. Site demolition has already begun, with the project expected to reach completion by 2020.
For Medical Behavioral Hospital of Phoenix, which cares for patients struggling with medical and psychiatric conditions, this will be the first practice in Arizona. The hospital plans to bring 80 high-income jobs to the area as well as a variety of medical services to those in need.
Located near 14th Street and McDowell Road, the 62,592-square-foot hospital represents the fourth investment included in the Caliber Tax Advantaged Opportunity Zone Fund and one of the first health-care opportunity zone properties across the country. The site is within 15 miles of 27 medical hospitals, the nearest one being Banner-University Medical Center Phoenix. Access is also attainable via Interstate 10, which is a few blocks away.
Caliber managed to raise more than $40 million for its Quality Opportunity Zone Fund since its launch at the end of 2018 and plans to reach $500 million within the next two years. The company is currently redeveloping several historic buildings in downtown Mesa—Caliber purchased them in early 2018 as part of the Caliber Diversified Opportunity Fund II.