Phoenix — New 609-bed housing will include street-level retail.
Phoenix — EdR has completed agreements with Concord Eastridge to develop, own and manage a $52 million mixed-use collegiate housing community adjacent to the Phoenix Biomedical Campus, which includes the University of Arizona School of Medicine, and is three blocks from the Arizona State University downtown campus.
EdR will be the majority owner and will manage the community upon its summer 2013 completion. Concord Eastridge is developing and constructing the housing, which will be owned jointly by the two companies. Construction is scheduled to begin the week of March 5.
The urban-style, mid-rise development will include 609 beds within 326 units in a variety of studios, one-, two-, three-, and four-bedroom apartments. Each will include private bathrooms and bedroom, a full kitchen and a washer and dryer, and most units will be furnished.
Amenities will include two clubhouses, tanning and fitness facilities, wi-fi and Internet access, swimming pools, study lounges, computer labs and five-story parking garage with more than 400 spaces. One of the residential buildings will offer 7,500 square feet of retail space at the street level.
"The city of Phoenix and the universities are making a strong investment in an aggressive plan to create a downtown campus," said Tom Trubiana, EdR's chief investment officer and executive vice president in a press release.
Concord Eastridge is a Scottsdale, Ariz.-based national real estate development firm focused on public-private and mixed-use real estate development in association with universities and colleges, municipalities, public entities, non-profits and other institutions.