Developer Commences Three-Phase ASU Housing Project

American Campus Communities has initiated construction on the three-phase, $360 million housing development at Arizona State University with a 1,866-bed first phase.

Construction Begins on $138 Million ASU Residences

American Campus Communities Inc., one of the largest owners, managers and developers of high-quality student housing properties in the U.S., has begun construction on the South Campus Residential Community at Arizona State University. The $138 million, 1,866-bed SCRC project is the initial phase of a potential $360 million three-phase student housing development targeting 5,100 total beds. American Campus will fund 100% of the total development costs of the project and will own a leasehold interest in the on-campus land and improvements through an 85-year ground lease, which includes two 10-year extensions.

The SCRC will consist of 10 residential buildings and a 23,000-sq-ft, two-story community center featuring a club-style fitness center, social lounge, game room, theater and study rooms. Outside amenities will include a pool and sundeck, a basketball sportcourt, parking garage and surrounding parking spaces. All units will be fully furnished and will feature predominately private bedroom and bathroom accommodations, fully equipped kitchens, washer/dryer and high-speed internet. The project will include student-oriented retail space that may contain a restaurant, clothing retailers and a coffee shop. The SCRC is anticipated to open for occupancy at the beginning of the Fall 2008 academic year.

ASU plans to increase housing at its main campus in Tempe, which serves more than 51,000 students, from approximately 6,800 to 12,000 by 2015.

The second phase of development, the Barrett Honors College project, is expected to receive final approvals and commence construction later this year.

Occupancy is anticipated for Fall 2009. The academically-oriented residential honors college will contain approximately 1,700 beds and will feature classrooms, administrative and faculty offices, a student center, and a 22,000-sq-ft dining facility.

Barrett Honors College is being designed to meet silver LEED certification.

The third phase of development is currently in the conceptual planning stage.
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Architects Design Humane County Facility

Summit at Copper Square Tops Out

Phoenix-based concrete contractor Suntec Concrete, with general contractor The Weitz Company, topped out this week on The Summit at Copper Square, currently the tallest residential development in metro Phoenix. Setting 23 stories above the Phoenix skyline, the concrete structure of the 378-sq-ft post-tension, flat-plate building was completed in eight and a half months, eight weeks ahead of schedule. More than 17,000 cubic yards of concrete was used to construct the cast-in-place and EFIS shell. W Developments LLC, Chicago, is developing the project with an expected completion date of August 31st. Design and construction is being executed by Hirsch Associates LLC, Chicago. Paul/Koehler Structural Engineers Inc., Scottsdale, is the structural engineer.

Offering more than 160 residential loft-style units to the redevelopment area of Downtown Phoenix, The $54 million Summit at Copper Square is located at Jackson Street and 4th Street, directly adjacent to Chase Field. The development will also have 8500 sq ft of retail space, swimming pool and spa, sauna, exercise room and five levels of parking.

Alliance Residential Purchases 15 Multi-family Properties in Southwest

Alliance Residential Company has partnered with AEW Capital Management to acquire 15 multi-family properties totaling 3,959 units -- located in Phoenix, Tucson, Albuquerque and Las Vegas. The acquisition of the 15 properties completes a record year of acquisitions and new development for Alliance Residential at more than $1.5 billion in 2006. AEW acquired the properties on behalf of one of its institutional clients.

"This acquisition offered us a unique opportunity to acquire a high-quality of multi-family assets in some of the most sought after, rapidly growing markets in the Western United States," says John Cunningham, managing director of acquisitions for alliance residential company. "The assets in these cities are irreplaceable due to their location and are also being purchased well below replacement cost." Each of the properties in the portfolio offers a desirable location close to employment, shopping, major transportation arteries, and a full amenity package. Alliance Residential Company will handle the varying levels of renovation for the portfolio and will be hiring more than 100 new employees to service the properties.The portfolio includes Fairway Crossings, Posada del Este, Arabian Trails, La Entrada, Pinnacle Heights, Casas Lindas, Springhill, Colonia del Rio, Hacienda del Rio, Pinnacle at High Desert, Pinnacle at High Resort, Pinnacle Estate, Talavera at Peccole Ranch, Pinnacle at Flamingo West and Desert Lakes.

Contract Awarded for 51-acre Lifestyle Center in Glendale

ResUrban Retail Properties Co. has been awarded the retail development consulting contract for The Districts at Zanjero, a 51-acre lifestyle center located in Glendale, Ariz. that will feature residential, retail, dining, two international branded hotels and two Class-A office buildings. The Districts at Zanjero will be developed by Marathon Commercial Development, a Nevada-based commercial development company. Urban Retail will be responsible for both research and market consultation services.

Scheduled to open fall 2009, The Districts at Zanjero, a mixed-use lifestyle project, will serve as the premier living, working, shopping, dining and travel destination for many, including local area residents. Approximately 1.5 million people live within a 30-minute drive.

Construction on the project is slated to begin later this year, with the goal of completing the first phase of the project in time for Super Bowl XLII, which will be held across the street in the University of Phoenix Stadium in February 2008.

Zanjero plans will feature 500,000 sq ft of retail and restaurants, 320,000 sq ft of lofts above retail in 232 units and 380,000 sq ft of office space within two, four-story Class A office buildings. Plans also include an 18-story international branded hotel of approximately 250 rooms, with full-amenities including meeting and banquet facilities. An additional 120-room mid-rise international brand hotel with extended stay services and three mid-rise residential towers are also planned.

Land Acquired for Avondale Retail Development

Pacific Coast Capital Partners, LLC has formed a joint venture with Scottsdale-based Empire Commercial Development for the acquisition of 34.1 acres of vacant land in the City of Avondale. The land was sold by Scottsdale-based Kitchell Development Co. The joint venture plans to develop Avondale Town Center, a proposed neighborhood retail center with retail pad sites and a potential mixed-use component.

Upon finalizing the site plan, the joint venture's plan is to develop a neighborhood retail center with major tenants, smaller in-line tenants and pad sites. The joint venture will begin pre-leasing efforts immediately and plans to complete construction in 2008.

The property is situated on the northwest corner of Avondale Boulevard and Van Buren Street. The population within a three-mile radius of the property has increased to almost 70,000 people and is expected to reach 91,470 people by 2011 based on the large addition of housing stock in the area.

Buckeye Town Hall Project Primed for Growth

The Buckeye Town Council has chosen a design-build team for their new Town Hall Complex. CORE Construction and DLR Group of Phoenix were selected as the team to design and construct the new facilities which will be located on 10 acres just off Monroe Avenue and MC85 in Buckeye.

Initial plans for the complex include a 60,000-sq-ft town hall to house services for the mayor and council offices, town manager, town clerk, community and economic development, finance, community services, human resources and emergency operations center.

Additionally, the town courthouse is anticipated to be a separate 40,000-sq-ft facility for the courts and town legal staff. This site will also provide future development of 100,000 sq ft for police headquarters. The town plans to keep pace with expanding demand due to population growth on municipal services with the new Buckeye Town Hall Complex.

$2 Billion CityNorth Breaks Ground in North Phoenix

The first phase of CityNorth, a 144-acre, 5.5 million-sq-ft mixed-used development, broke ground near Loop 101 and State Route 51 in northeast Phoenix.

Phase one of the development will include nearly one million sq ft of space comprising retail, restaurant, office spaces and residential units. Situated at the northernmost end of the property, south of Deer Valley Drive, will be High Street consisting of 11 three- or four-story buildings and approximately 264 residential units for sale and lease. Initial occupancy is slated for spring 2008.

CityNorth will offer designer boutiques, major national and local retailers as well as large-scale department stores including a 144,000-sq-ft Nordstrom's store, scheduled to open in fall 2009.

Hensel Phelps Construction Co. and Sundt Construction of Phoenix are the general contractors, with Elkus / Manfredi Architects, Boston and Nelsen Architects Inc., Scottsdale as the project architects.

The total expected cost for full build-out of the 144-acre project is more than $2 billion. CityNorth is being developed by Thomas J. Klutznick Co., Chicago, the developer of Chicago's 730 North Michigan Ave. and Los Angeles's Fox Plaza office tower and Kenneth A. Himmel of Related Urban, New York, developer of Time Warner Center.

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