Caliber and PURE Pickleball & Padel Announce Building Permit Approval for World’s Largest Indoor Pickleball and Padel Facility
Rhea-AI Summary
Caliber (Nasdaq: CWD) and PURE Pickleball & Padel received all required building permits for a 196,000-square-foot indoor pickleball and padel facility near Scottsdale, Arizona, clearing the final regulatory hurdle after a 900-day permitting process and positioning the project for groundbreaking.
Caliber is finalizing construction financing and closing the equity round; a final capital call for investors is expected prior to construction financing close. The site sits in a Qualified Opportunity Zone and a QOZ fund has been established for direct investment. PURE opened a capped charter membership waitlist and will host a high school championship on April 25, 2026.
AI-generated analysis. Not financial advice.
Positive
- All required building permits approved after a 900-day process
- Project size: 196,000 square feet indoor facility
- Caliber finalizing construction financing and equity round close
- Development located in a Qualified Opportunity Zone
- QOZ Fund established to facilitate direct investor participation
Negative
- Groundbreaking contingent on closing construction financing and equity
- Final investor capital call is time-sensitive and not yet closed
- Lengthy 900-day permitting suggests potential schedule and cost risk
News Market Reaction – CWD
On the day this news was published, CWD gained 2.88%, reflecting a moderate positive market reaction. Argus tracked a peak move of +17.7% during that session. Argus tracked a trough of -10.6% from its starting point during tracking. Our momentum scanner triggered 19 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $263K to the company's valuation, bringing the market cap to $9.38M at that time. Trading volume was very high at 4.3x the daily average, suggesting strong buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CWD’s price was unchanged over the prior 24 hours, while only one peer, BCG, appeared on the momentum scanner, moving 2.84% higher with no same-day news, suggesting this permit approval reads as a company-specific development rather than a sector-wide driver.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 31 | Board transition | Positive | -13.9% | Nomination of independent director and planned reduction to five-member board. |
| Mar 30 | Capital structure change | Positive | +8.5% | Conversion of $15.9M preferred equity into common, simplifying capital structure. |
| Mar 25 | Earnings and guidance | Negative | -9.2% | Weak 2025 results with losses, offset by 2026 revenue and profitability guidance. |
| Mar 13 | Earnings call date | Neutral | +0.1% | Announcement of Q4 2025 results release and investor conference call timing. |
| Feb 27 | Asset sale | Positive | -6.2% | Sale of Holiday Inn Ocotillo for $13.0M to fund Caliber Hospitality Trust growth. |
Recent history shows mixed reactions: financing and capital-structure moves sometimes drew positive alignment, while asset sales and governance or strategic updates occasionally saw negative divergence.
Over the last several months, Caliber has focused on capital structure, governance, and portfolio repositioning. A $15.9M preferred equity conversion drew a positive move, while weak 2025 results and a hotel sale for $13.0M were followed by declines. Board transitions and earnings scheduling rounded out the news flow. Today’s building-permit approval for the PURE Pickleball & Padel project fits the pattern of project-level milestones that interact with an already levered balance sheet and active capital-raising strategy.
Regulatory & Risk Context
An effective Form S-3 filed on November 3, 2025 registers 561,747 Class A shares for resale tied to conversions of notes totaling $1,897,504.55. Caliber does not receive proceeds from these secondary sales but has already benefited from note extinguishment, adding a resale overhang that coexists with ongoing project-level capital raises like the PURE Pickleball & Padel opportunity.
Market Pulse Summary
This announcement confirms all building permits for a 196,000-square-foot indoor pickleball and padel facility, capping a 900-day process and moving the project toward construction financing and a final equity close. Located in a Qualified Opportunity Zone, it is open to accredited investors via a dedicated fund. In context of recent earnings pressure and active capital-structure changes, investors may watch how financing terms, equity demand, and project execution progress from here.
Key Terms
qualified opportunity zone regulatory
qoz fund financial
accredited investors regulatory
AI-generated analysis. Not financial advice.
Caliber currently advancing construction financing as project moves toward groundbreaking
SCOTTSDALE, Ariz., April 13, 2026 (GLOBE NEWSWIRE) -- Caliber (Nasdaq CWD), a diversified real estate and digital asset management platform, today announced that PURE Pickleball & Padel (“PURE”) — its co-developed 196,000-square-foot indoor pickleball and padel facility adjacent to Scottsdale, Arizona at Riverwalk on the Salt River Pima-Maricopa Indian Community — has recently received all required building permits, clearing the final regulatory hurdle and positioning the project for groundbreaking. The permits were filed originally in September 2025. Caliber is currently finalizing construction financing and closing the equity round. The groundbreaking announcement will follow the close.
The approval of all required building permits marks the culmination of a 900-day permitting process spanning hundreds of meetings, community hearings, and design reviews. Caliber is currently finalizing construction financing with groundbreaking expected to follow. Caliber is expected to initiate a final call for capital from equity investors prior to the close of construction financing.
“We’re excited to reach this milestone and move one step closer to breaking ground.” said Chris Loeffler, CEO of Caliber, “PURE Pickleball & Padel represents a unique combination of sport, community, and lifestyle. We believe this project will serve as a premier destination for enthusiasts while creating long-term value for investors and the surrounding community.”
“To the PURE community who believed in us before there was anything to believe in — this moment is yours too. We now move to cement Scottsdale, Arizona as the new pickleball and padel capital of the world,” said Kevin J. Berk, Co-Founder & CEO, PURE Pickleball & Padel.
Investment Opportunity
Caliber and PURE are offering accredited investors and investment advisors the opportunity to participate in the project through a structured investment offering. The development is located within a Qualified Opportunity Zone, and a QOZ Fund has been established to facilitate direct investment.
The final close is time sensitive and full project details and offering materials are available at caliberco.com/assets/pickleball-padel-in-arizona.
PURE Charter Membership Waitlist Now Open
PURE has opened its Charter Membership waitlist ahead of the facility’s opening. Pre-opening memberships are strictly capped; once allocated, these rates will not be available again. Charter Members will receive a lifetime rate lock, VIP access before opening day, exclusive events and recognition, and permanent recognition in the building. No financial commitment is required at the time of reservation. Charter Membership reservations are available at purepickleball.com/membership
PURE hosting AZ High School Pickleball Club Cup Championship
On April 25, 2026, PURE will host the Arizona High School Pickleball Club Cup Championship at Fremont Junior High in Mesa — the first USA Pickleball-certified high school team championship event in the country.
The event will feature twelve schools competing across fourteen courts, with athletic directors and coaches from across Arizona convening on-site to advance the case for AIA recognition of pickleball as a sanctioned high school sport.
PURE has been building the Arizona High School Pickleball infrastructure since 2025, growing to 30 high school clubs statewide and 145 student-athletes at the inaugural December 2025 championship. The Club Cup introduces a team-based competition format designed specifically to meet the AIA’s framework for sanctioning a new sport. The event is free and open to the public.
About PURE Pickleball & Padel
PURE Pickleball & Padel is an experiential sports and social club platform focused on developing and operating large-format, purpose-built indoor pickleball and padel facilities. Designed from the ground up—not retrofitted—PURE delivers a premium, member-focused experience through world-class courts, structured programming, and integrated food, beverage, and wellness offerings. Its flagship Scottsdale Riverwalk location, a ~196,000 square foot facility on 11.44 acres, is expected to be the largest indoor pickleball and padel venue in the world and will feature 48 courts, a championship arena, and year-round programming for players of all ages and skill levels. Located within a Qualified Opportunity Zone on the Salt River Pima-Maricopa Indian Community, the project is anticipated to open in 2027 and serves as the foundation for PURE’s broader platform expansion. More information can be found at www.purepickleball.com
About Caliber (CaliberCos Inc.)
Caliber (Nasdaq: CWD) is a real estate-focused alternative asset manager with over
Forward-Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” "will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the Company’s public offering filed with the SEC and other reports filed with the SEC thereafter. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.
CONTACTS:
Caliber Investor Relations
Ilya Grozovsky
+1 480-214-1915
Ilya@CaliberCo.com
PURE
Kevin J. Berk
Co-Founder & CEO, PURE Pickleball & Padel
Kevin@purepickleball.com
