TEMPE, AZ— City approval has been given to Legacy Partners Residential for the development of University Village 2.0, a new $60 million-plus, mixed-use, 775-bed student housing community. Legacy Partners plans to start demolition and construction by summer 2016 and open in time for the fall 2018 semester. The property is located at 936 South Terrace Rd., near South Rural Road. Located just minutes away from Arizona State University, shopping and dining, and directly adjacent to Tempe's light rail line, the new development will replace a 1960s-era student housing complex, which will be demolished. KTGY Architecture + Planning is the project's designer and architect.
KTGY design principal David Senden tells GlobeSt.com: “This development will be good for the community. Developments like University Village 2.0, in conjunction with the other recent developments in the area, are condensing student housing, which will hopefully pull students from the residential neighborhoods where there have been problems in the past. We're conscious of the historical significance of the existing buildings. They were designed by Al Beadle and we're mindful that there have been generations of students who have called this home. There is always a feeling of a little melancholy when you demolish a building, but we're excited about the potential here. The city staff has made it clear that this is the type of development they envision for this site and it is in keeping with the density increases we're seeing at most college campuses around the country.
University Village 2.0 will consist of a single, five-story apartment building wrapped around two central courtyards and a parking garage. A large central courtyard will include a community pool, spa, outdoor kitchen, cabanas and television. A smaller outdoor nook will feature a two-way fireplace, garden and seating to give residents a quieter place to congregate.
KTGY's Ben Kasdan, AIA, LEED AP, tells GlobeSt.com: “University Village 2.0 replaces an existing project that has reached the end of its effective lifespan and it is a specific response to the city's desire for additional residential density in this neighborhood as established by the general plan. Inside University Village residents can find both study areas and social hang out spaces.”
University Village 2.0 will have 260 units and include studio, one-, two- and four-bedroom units targeted to students and young professionals in a live/work/play environment. The community will also include 1,800 square feet of ground-level retail space to serve its residents and activate the street. The units will range in size from 445 to approximately 1,400 square feet and feature stone countertops, stainless steel kitchen appliances, vinyl wood-plank flooring, and in-unit washers and dryers. The majority of the units will have four-bedroom floorplans.
“This development adds to the expanding student housing offerings around ASU,” said Senden. “Nearly all of the units will have private bathrooms for each student and, while typically four students will share an apartment, each student will have his or her own sleeping room. Most young people are growing up with their own room, so they won't settle for less when they go to college.”
Legacy Partners senior managing director Tim O'Brien says that University Village 2.0 will provide an exceptional living experience for its residents with a myriad of indoor and outdoor amenities. And, University Village will be constructed using sustainable building methods and will incorporate a number of “green” features designed to ensure its long-term energy-efficiency and sustainability.
“The location is University Village 2.0's greatest amenity, being just steps away from the Arizona State Campus, a light rail station, shopping, and dining,” said Kasdan. “Bikeability and walkability were priorities for the design of this community. Bicycle rooms and main points of pedestrian entry to the building are strategically located to maximize convenience, safety, and visibility from the street. As a result, the aesthetic design of the street frontage is dominated by these functions.”
Senden discussed student housing trends earlier this month, as previously reported.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
