Scottsdale-based Caliber – the Wealth Development Co. and Phoenix-based Modus Development are starting construction on a $14 million, 32-unit townhouse development in Tempe that won’t use energy or contribute to pollution.
The Roosevelt is being built in Tempe and is being outfitted with solar panels, LED lighting, energy efficient appliances and heat pumps.The developers’ goal is that it have zero net energy consumption and zero net carbon dioxide emissions.
The project is at Second and Roosevelt streets just south of Tempe Town Lake and the Tempe Center for the Arts.
Ed Gorman, president and founder of Modus Development, partnered with Doug Bowden’s Viridis Group to build the net-zero energy, solar-heavy apartments in Scottsdale. The Equinox apartments are near Hayden and Thomas roads.
Now, Gorman is partnering with Caliber CEO Chris Loeffler on The Roosevelt townhouses. The first phase of construction is 14 units slated to deliver in the spring. The 18-townhouse second phase is scheduled to be done by next winter.
There is plenty of demand in so-called net-zero developments. Net-zero energy means the energy consumed by a development if offset the energy is creates on-site such as solar panels.
“The city of Tempe is excited to have Caliber in our community,” said Tempe Mayor Mark Mitchell in a statement. “We’ve long been a community dedicated to sustainability, and this development will give residents who want to live in a Net Zero, sustainable environment a real option.”
The green development sits on two acres and is Caliber’s first development in Tempe. The 1,800-square-foot townhouses are priced at between $450,000 and $500,000. They include decks, garages and will have two bedrooms and 2.5 bathrooms.
“The Roosevelt is a one-of-a-kind development project that marries important aspects of investor value creation while being on the forefront of innovation.” Loeffler said in a statement. “This project allows us to move forward and become an environmental steward at a time when the entire nation is seeking a more sustainable future.”
Loeffler hopes to partner with Gorman and Modus on other projects. Gorman has talked about taking his green development concepts to other U.S. markets outside of Arizona.
This article was first featured in the Business Journal.