Capstone Development Partners (Capstone), a student housing real estate developer specializing in on-campus public-private partnerships, has announced that it has closed on tax-exempt financing for a new on-campus student housing community on the Downtown Phoenix campus of Arizona State University.

Capstone, along with its architect Studio Ma and builder DPR Construction, collaborated with ASU project stakeholders on the planning, programming and design of the new Downtown Phoenix Residence Hall and Entrepreneurial Center to ensure the Project’s program met the University’s goals and objectives.

The Project will be located at the intersection of 1^st Avenue and Fillmore Street. The first three floors will provide over 75,000 SF of academic space to include dynamic design studios, flexible classroom space, fashion studios, fabrication labs, music practice and ensemble rooms, music recording studios and spaces for live events. The 207,000 SF residential component will consist of thirteen floors and will house approximately 530 students in a mixture of studio and two and four-bedroom apartment-style unit types.

The Project will have a total development cost of approximately US$ 118 Million.

Construction of the Project commenced in January 2020 and the project is scheduled to open in Fall 2021.

The Project was designed by Studio Ma and is being constructed by DPR Construction.