Capstone Development Partners has closed on tax-exempt financing for a new mixed-use student housing project at Arizona State University Downtown Phoenix campus.
Capstone has partnered with Arizona State University for the development of a mixed-use student housing project, known as Downtown Phoenix Residence Hall and Entrepreneurial Center.
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The $118m project is being developed by Capstone under a public-private partnership (P3).
The company along with its architect Studio Ma and builder DPR Construction have partnered with the university on the planning, programming and design of the new Downtown Phoenix Residence Hall and Entrepreneurial Center to ensure that the programme meets with university’s goals and objectives.
The project was designed by Studio Ma and is being constructed by DPR Construction.
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To be located at the intersection of 1st Avenue and Fillmore Street, the project’s first three floors will have more than 75,000ft² of academic space.
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By GlobalDataThe academic space will be used for design studios, flexible classroom space, fashion studios, fabrication labs, music practice and ensemble rooms, music recording studios and spaces for live events.
The 207,000ft² of the residential component will include 13 floors and will accommodate nearly 530 students in a mix of studio and two- and four-bedroom apartment-style unit types.
Capstone Development Partners executive vice president William Davis said: “Capstone is pleased to again partner with ASU on the development of this new residence hall and entrepreneurial centre to provide modern apartment-style housing along with innovative academic space on the Downtown Phoenix campus.
“We are committed to working diligently with our design, construction and operations team to keep this project on-budget and on-schedule to achieve an on-time delivery in fall 2021.”
Construction of the project began this January and is scheduled to be completed in the fall of 2021.
In December 2019, Capstone was selected by the University of Maine System for the development of a new student housing and student centre community project on the university’s Portland campus.
The university and the company announced that they will enter into a negotiation of contractual agreements for the project.
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Image: Rendering of the new student housing project at ASU. (Credit: Studio Ma.)
