https://www.bizjournals.com/phoenix/...557&j=86987331
Arizona State University is planning to build a new residence hall at its downtown Phoenix campus as enrollment growth continues to climb.
ASU President Michael Crow said he expects the 400-bed student housing facility to cost about $130 million to develop.
"We're going to be launching construction soon on a building just north of the YMCA, privately," Crow said. "There is no public money in any of these buildings, by the way, these are all driven by the university itself, or our partners."
ASU already owns that property, along First Avenue and south of Fillmore Street, which currently houses two buildings and a parking lot, Crow said.
"It will go either where the two buildings are or that parking lot," Crow said. "I don't think it's been decided which of those two. We own both of those spaces. There is a Circle K, then the apartment building being built just to the west of the Circle K, so it's just in that spot right there."
The residence hall will cater to entrepreneurial students, where they can live and grow their own companies, Crow said.
Expansion comes at a time when enrollment has surpassed 12,000 students at the downtown Phoenix campus. ASU's total enrollment for the fall 2018 semester was 71,828 students.
ASU's 1,238-bed Taylor Place residence hall off First Street — which is owned and operated by Capstone Development Partners — is at full capacity.
When ASU moved its Thunderbird global management school to its downtown campus from Glendale, many of those students who were living in residence halls in Glendale needed housing downtown. The university has accommodated those students by a providing a graduate level housing experience in two downtown apartment complexes, with 40 beds at Broadstone and 88 beds at The Muse.
Plans also call for leasing 200 beds at Roosevelt Point on Fourth Street this fall, just north of the downtown campus.