MESA, AZ - Capstone Development Partners, a national student housing real estate developer specializing in on-campus public-private partnerships (P3), announced a new student housing project under development and in construction in collaboration with Arizona State University on its Polytechnic (ASU Poly) campus.
Capstone and its equity partner, Harrison Street, closed on a 100% equity financing for the Project this past June. The Project will have a total development cost of approximately $34.2 million. Project financing was completed under Capstone and Harrison Street’s P3+ financial transaction model, an innovative public-private partnership approach that provides colleges and universities nationwide unmatched flexibility and control within the framework of on-campus, equity-based student housing development. This represents the fifth Capstone-Harrison Street strategic partnership under the P3+ model.
Construction of the Project is underway and the project is progressing on-schedule toward an opening in Fall 2020. The construction team will reach the topping out of construction milestone this week and the Project Team along with the University will celebrate with a topping out ceremony on Friday, November 22nd.
“Capstone – Harrison Street is pleased to again partner with ASU on the development of this new innovative, mixed-use undergraduate residence hall that will support ASU in its mission and goals for recruitment, retention and the enhancement of campus and student life. We are excited to reach the momentous topping out milestone and look forward to an on-time delivery for Fall 2020”, said William Davis, Capstone Executive Vice President.
The Project will provide 374 beds of undergraduate housing in a mixture of private and shared bedroom suites. The building program includes a very generous amount of common and live/learn space. The first-floor common space includes a lounge and common kitchen. Additionally, each floor contains a large common area lounge to serve as the “living room” of that particular floor and to promote socialization of the residents. Each residential floor also has two more intimate, quiet study lounges. The Project also provides approximately 8,500 square feet of academic space that is located on the first floor and consists of classrooms, offices, conference/meeting rooms and lounge spaces.
The Project was designed by Shepley Bulfinch and is being constructed by CORE Construction. The management of the project will be a creative collaboration between ASU Housing & Residence Life, which will provide residence life programming services, with Capstone-Harrison Street via Capstone Management Partners providing asset management services.