Caliber has gained significant support from the Phoenix City Council with a unanimous vote in favor of the Canyon Village redevelopment project. The approval facilitates the transformation of a distressed office building, covering over 300,000 square feet, into a residential complex boasting 376 rental units.
This redevelopment project is not only significant due to its scale and ambition but also because it capitalizes on opportunity zone tax incentives. This financial advantage is expected to enhance the project's feasibility and attract potential residents seeking new housing options in a revitalized area.
With all zoning and governmental approvals secured, Caliber is set to move forward with plans to retrofit the existing structure. This move aligns with broader urban development trends that focus on repurposing underutilized office spaces into vibrant residential communities.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 2 analysts, the average target price for CaliberCos Inc (CWD, Financial) is $3.75 with a high estimate of $4.00 and a low estimate of $3.50. The average target implies an upside of 1,323.15% from the current price of $0.26. More detailed estimate data can be found on the CaliberCos Inc (CWD) Forecast page.
Based on the consensus recommendation from 1 brokerage firms, CaliberCos Inc's (CWD, Financial) average brokerage recommendation is currently 2.0, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
