Public-Private Partnership Closes on Financing for 2,100-Bed On-Campus Development at Appalachian State

The new development at Appalachian State University will offer 2,100 beds primarily serving freshman students. The new development at Appalachian State University will offer 2,100 beds primarily serving freshman students.

Boone, N.C. — A public-private partnership between RISE: A Real Estate Company, Beyond Owners Group and Appalachian State University has closed on financing for the development of a 2,100-bed community on the university’s campus in Boone.

The project is being financed through tax-exempt project revenue bonds by the Public Finance Authority underwritten by RBC Capital Markets. The three-phase development will include the demolition and replacement of six existing residence halls totaling 1,800 beds, as well as the addition of 300 new beds and a 477-space parking deck. The communities will offer a mix of unit types ranging from apartments to shared suites primarily serving freshman students.

Shared amenities will include 13,000 square feet of community space, living-learning programming, study rooms and lounge spaces. Construction began on Phase I of development in February, with full delivery scheduled for 2022. The project team includes architect Niles Bolton Associates; design consultant Jenkins-Peer Architects; general contractor Choate Construction; civil engineer Stanley D. Lindsey and Associates; and Brailsford & Dunlavey, representing the owner.

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