Seattle — Capstone Development Partners and Harrison Street Real Estate Capital will built 432 beds at Cornish College of the Arts.
Seattle — Capstone Development Partners and Harrison Street Real Estate Capital have closed on the first project under the joint venture's P3+ moniker. The project will build approximately 432 beds for Cornish College of the Arts in downtown Seattle at the corner of Terry and Lenora avenues across from Cornish's main academic and administration building. Construction has begun on the $49.6 million project that was designed by Ankrom Moisan Architects and will be built by Howard S. Wright Construction. The housing has been in design for the past year and will open in fall 2015.
The structure will replace two Cornish residence halls currently in use on 7th and 8th avenues. Cornish will master lease 108 beds to neighboring City University for a period of 10 years initially and will reserve the balance of the beds for Cornish students. The new facility will consist of one 20-story building totaling approximately 159,000 square feet inclusive of the residential units, academic and administration space.
Structured as a public-private partnership, HSRE and Capstone are providing all of the funds for the project through a combination of long-term equity and debt. The Capstone-HSRE joint venture entity has entered into a ground lease with Cornish. The management of the project will be a collaboration between Capstone Development Partners, HSRE, Cornish and Capstone On-Campus Management in a shared governance approach.
Capstone is currently in negotiations for a second project under the P3+ transaction structure to be developed for the University of North Alabama.