Phoenix Business Journal
Arizona State University is looking at expanding its reputation as one of the largest public universities in the nation with a big enrollment boost expected by 2020, which means there’s a lot of work to do to get its four campuses up to speed.
Roughly $500 million worth of real estate projects are in the works universitywide, potentially creating thousands of jobs and stimulating the recession-battered construction industry.
One of the largest slices will be used to lure a bigger chunk of the student body to live on campus, fueling more revenue for the university through fees and services. ASU plans to do that by nearly doubling the number of available beds within that seven-year time frame, to 25,500 university-wide.
In Tempe, where the bulk of those additional beds will go, ASU is not the only one looking to capitalize on the ever-expanding student body. Private developers are giving the university stiff competition, investing millions of dollars into multiple apartment projects that butt against campus boundaries and offer the “college living” experience.
Overall, student housing projects could result in a windfall of hundreds of millions of dollars to local contractors, architects and engineers.
Chicago-based Core Campus, for example, is investing $42.6 million into the Hub on Campus, which towers over Sun Devil Stadium at 19 stories and will serve more than 600 students upon completion this fall.
