8-K: CaliberCos JV PURE Pickleball & Padel Begins Permitting

CaliberCos Inc.'s joint venture, PURE Pickleball & Padel, has completed construction documents and initiated the building permitting process for its world's largest indoor facility.

Summary

• CaliberCos Inc. (CWD) announced that its joint venture development, PURE Pickleball & Padel (PURE), has completed construction documents.
• The construction documents were submitted and accepted for review by the Salt River Pima-Maricopa Indian Community (SRP-MIC) on September 12, 2025.
• This milestone marks the commencement of PURE's building permitting process, which is the final step before construction begins on the facility.
• The 196,726-square-foot facility is expected to take approximately 15 months to construct.
• PURE will be located on an 11+ acre site within the Riverwalk Development Project in the Talking Stick Entertainment District, adjacent to Scottsdale.
• The facility aims to be the world's largest indoor pickleball and padel facility, featuring a 1,200-seat pro arena, 40 indoor pickleball courts, and 8 indoor padel courts.
• Amenities will include a sports performance and recovery fitness center by HonorHealth, a restaurant and bar by Wolfgang Puck Catering, a pro shop, locker rooms, spa, special event spaces, a rooftop patio and bar, meeting spaces, and childcare.
• DAVIS, a Phoenix-based architectural firm, designed the facility, and RICK provides engineering, planning, landscape architecture, and land surveying services.
• The facility anticipates approximately 500,000 annual visitors.
• Caliber created the 'Pickleball at Riverwalk Fund,' a single asset offering designed for direct investment from accredited investors and qualified opportunity zone funds (QOFs).

Sentiment

Score: 8

Explanation: The filing announces a significant positive milestone for a major development project, indicating strong progress and strategic execution. The project's scale, ambition to be the world's largest, and partnerships with reputable entities are highly favorable. The move to the final permitting stage de-risks the project's initial phase.

Positives

• Significant progress on the PURE Pickleball & Padel facility, moving to the final permitting stage before construction.
• The project aims to be the world's largest indoor pickleball and padel facility, indicating a strong market position and potential for high visitor traffic.
• Strategic partnerships with reputable firms like DAVIS (architecture), RICK (engineering), HonorHealth (fitness), and Wolfgang Puck Catering (restaurant/bar) enhance the project's appeal and quality.
• The facility is designed as a comprehensive sports and entertainment destination with extensive amenities, catering to a broad audience.
• Caliber has an active investment offering, the 'Pickleball at Riverwalk Fund,' allowing broad investor participation, including accredited investors and Qualified Opportunity Zone Funds.
• Caliber's diversified alternative asset management platform, with over $2.9 billion in Managed Assets, provides a strong financial foundation for its ventures.

Risks

• Forward-looking statements contained in the press release are subject to substantial risks and uncertainties.
• Assumptions regarding future events may not prove to be accurate.
• Further risks and uncertainties are described more fully in the 'Risk Factors' section of the Company's final prospectus related to its public offering filed with the SEC and other subsequent SEC reports.

Future Outlook

The PURE Pickleball & Padel facility's construction is expected to take about 15 months following the completion of the permitting process. Upon completion, it will operate as a world-class destination for pickleball and padel, anticipating 500,000 annual visitors and hosting major tournaments. Caliber continues to seek investment for the project through its active Pickleball at Riverwalk Fund.

Management Comments

• "We are excited by the continued progress that is being made to realize the vision for PURE Pickleball & Padel as a premier destination for the sports enthusiasts and a lifestyle development that improves the lives of the people in the community." Chris Loeffler, CEO of Caliber.

Industry Context

This announcement highlights Caliber's strategic entry into the rapidly expanding sports and entertainment real estate sector, capitalizing on the significant growth of pickleball and padel. The development of a world-class, large-scale indoor facility addresses the increasing demand for dedicated, high-quality venues for these sports, aligning with broader industry trends towards experiential real estate and community-focused leisure destinations.

Comparison to Industry Standards

• The facility seeks to claim the title of the "largest indoor pickleball and padel facility in the world," setting a new benchmark for scale and comprehensive amenities in the sports facility industry.
• The inclusion of a 1,200-seat pro arena and 48 indoor courts (40 pickleball, 8 padel) is substantial compared to typical community or private club facilities.
• Partnerships with HonorHealth for a sports performance and recovery fitness center and Wolfgang Puck Catering for dining suggest a high-end, country club level of service, comparable to premium sports and leisure destinations globally.

Stakeholder Impact

• Shareholders: Positive impact due to significant progress on a major development project, potential for future revenue streams, and enhanced company profile in a growing market.
• Investors in Pickleball at Riverwalk Fund: Opportunity for direct investment in a potentially high-growth sports and entertainment venture within a Qualified Opportunity Zone.
• Community (Scottsdale/SRP-MIC): Creation of a major sports and entertainment destination, potential for job creation, and increased tourism/visitor traffic (estimated 500,000 annual visitors).
• Pickleball & Padel Enthusiasts: Access to a world-class, state-of-the-art facility for playing and spectating, enhancing their sports experience.
• Partners (DAVIS, RICK, HonorHealth, Wolfgang Puck Catering): Continued collaboration and business opportunities through their involvement in a landmark project.

Next Steps

• Completion of the building permitting process for the PURE Pickleball & Padel facility.
• Commencement of construction on the 196,726-square-foot facility.
• Construction is expected to take approximately 15 months.
• Continued investment attraction for the project through the Pickleball at Riverwalk Fund.

Key Dates

Recommendation

The announcement signals strong execution on a major development project that aims to be the world's largest indoor facility for two rapidly growing sports. This milestone significantly de-risks the project's initial phase and positions CaliberCos for future revenue generation and market leadership in a niche but expanding sector. The strategic partnerships and comprehensive amenities further enhance the project's long-term value proposition, making it an attractive investment.

Keywords

Pickleball, Padel, Indoor Sports Facility, Real Estate Development, CaliberCos, CWD, Joint Venture, Sports Entertainment, Arizona Real Estate, Opportunity Zone, Alternative Asset Management, Construction Permitting