'Innovation Dorm' info via AZCentral:
https://www.azcentral.com/story/news...ts/2380462001/
Cost: $50 million in bonds to lease from third party, plus operations costs.
Projected completion: Fall 2021
A new 16-floor dorm, referred to as a “residence hall and entrepreneurial center,” located on the southwest corner of Fillmore Street and First Avenue in downtown Phoenix should help address ongoing shortages in housing for students at the downtown campus.
The dorm, which will be built by a third party instead of ASU, will focus on innovation, with special spaces for creative work, co-working, design and fabrication labs, according to board documents.
ASU programs in music, fashion and design are set to move to the downtown campus in Fall 2021. The first three floors of the new dorm will house the spaces for these and other programs, board documents say.
The university acknowledges it hasn’t met housing demands for its downtown campus. Especially with the move of the Herberger Institute for Design and the Arts and the opening of the Thunderbird School for Global Management facility, the school needs more rooms for students.
The new dorm will provide 532 beds, with studios, two-bedroom units and “four-bedroom apartment-style units.”
An outside developer, Downtown Phoenix Student Housing II, will lease the land from ASU and pay for the construction and operation of the project, and ASU will lease the academic and entrepreneurial space from them. The university will issue about $50 million in bonds to prepay the lease and purchase furniture and equipment. Tuition will fund the debt service. The school will also pay more than $500,000 annually for operations and maintenance costs, also funded by tuition.
Interesting fact: As part of the project, ASU is purchasing the site where a Bank of America sits today at Fillmore and First Avenue for about $1 million. But there will still be Bank of America ATM access there because the dorm will incorporate an ATM and drive-through into the building.