By Angela Gonzales for Phoenix Business Journal
Arizona State University plans to build a $72M residential housing project for its Greek organizations in Tempe.
University officials have requested approval from the Arizona Board of Regents to enter into agreements to ground lease about 5 acres on the SWC of Rural and Terrace roads to American Campus Communities Inc.
The university owns the land, but needs approval to execute the ground lease with ACC to develop the 950-bed, 300KSF project. The site previously housed the Cholla Apartments.
ASU has negotiated an arrangement in which ACC would be responsible for the operating and maintenance costs of the facility, while ASU would provide student-life programming and staff.
Plans call for a 2018 opening.
ASU executives have also asked the board for authorization to enter into agreements to ground lease and develop 1.6 acres at the southeast corner of Mill Avenue and University Drive to Omni Hotels Corp.
Omni would develop a hotel and has a $19.5M option to buy the land at the end of the ground lease term.
Read more at Phoenix Business Journal.