BIRMINGHAM, Ala., Feb. 12, 2020 /PRNewswire-PRWeb/ -- Capstone Development Partners ("Capstone"), a national student housing real estate developer specializing in on-campus public-private partnerships ("P3"), is pleased to announce it has closed on tax-exempt financing for a new on-campus student housing community ("Project") on the Downtown Phoenix campus of Arizona State University.
Capstone, along with its architect Studio Ma and builder DPR Construction, collaborated with ASU project stakeholders on the planning, programming and design of the new Downtown Phoenix Residence Hall and Entrepreneurial Center to ensure the Project's program met the University's goals and objectives.
The Project will be located at the intersection of 1st Avenue and Fillmore Street. The first three floors will provide over 75,000 SF of academic space to include dynamic design studios, flexible classroom space, fashion studios, fabrication labs, music practice and ensemble rooms, music recording studios and spaces for live events. The 207,000 SF residential component will consist of thirteen floors and will house approximately 530 students in a mixture of studio and two and four bedroom apartment-style unit types.
This is Capstone's third P3 with Arizona State University and its second on the Downtown Phoenix campus.
"Capstone is pleased to again partner with ASU on the development of this new residence hall and entrepreneurial center 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", said William Davis, Capstone Executive Vice President.
The Project will have a total development cost of approximately $118 Million.
Construction of the Project commenced in January 2020 and the project is scheduled to open in Fall 2021.
The Project was designed by Studio Ma and is being constructed by DPR Construction.
About Capstone Development Partners
Capstone Development Partners, LLC is a leading national student housing real estate developer specializing in on-campus public-private partnerships. The company holds offices in Birmingham, Alabama and Denver, Colorado. Its principals, Jeff Jones and Bruce McKee, have more than 45 years combined experience as leaders in the higher education student housing sector. Since 1997, the principals of Capstone have partnered with nearly 70 public and private colleges and universities and delivered more than 44,000 beds of student housing nationwide. For more information please visit http://www.capdevpartners.com.
Arizona State University has developed a new model for the American Research University, creating an institution that is committed to access, excellence and impact. ASU measures itself by those it includes, not by those it excludes. As the prototype for a New American University, ASU pursues research that contributes to the public good, and ASU assumes major responsibility for the economic, social and cultural vitality of the communities that surround it.
About Studio Ma
Studio Ma is an award-winning architecture and environmental design studio delivering innovative, sustainable and unique designs to forward-thinking organizations and individuals. Studio Ma's public-private partnership projects for student housing, including those at Princeton University and Arizona State University, have been recognized with multiple awards from the Society of College and University Planners, Student Housing Business and the American Institute of Architects. These on campus projects heighten the student experience and form strong connections to the surrounding community. For more information, please visit http://www.studioma.com.
About DPR Construction
DPR Construction is a forward thinking general contractor and construction manager specializing in technically complex and sustainable projects for advanced technology/mission critical, life sciences, healthcare, higher education and commercial markets. Founded in 1990, DPR is a privately held, employee-owned company that has grown to a multi-billion-dollar organization with offices around the world. With a great story of entrepreneurial success, DPR is one of the largest general contractors in the nation with $5.9 billion in revenue in 2018. DPR has been operating in Arizona for more than 25 years with offices in Phoenix and Tucson. For more information, visit http://www.dpr.com.
SOURCE Capstone Development Partners