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.