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The Phoenix, Ariz., city council has unanimously approved the Canyon Village redevelopment project, which will involve the conversion of two distressed office buildings into a 376-unit multifamily rental community. The project, proposed by and to be carried out by the Caliber Cos., has also received the rezoning necessary to allow for the conversion. Construction will take place at an opportunity zone.

Once the project secures construction financing, it is expected to break ground in the fourth quarter of this year. The first units will be delivered in 2026, and completion of the full project is expected in the first quarter of 2027.

The Canyon Village project is intended to bring much-needed housing to the North Mountain Village area of Phoenix. The community will address an expected increase in housing demand flowing from the ahead-of-schedule completion of Taiwan Semiconductor’s Arizona fabrication plant, which will be the nation’s largest and most-advanced microchip factory. The community will be located 15 miles to the south of TSMC’s megaproject, directly accessible via the Arizona Veterans Highway.