pe Tempe – As one student housing project near Arizona State University is being sold for $103 million (see story below), another is planned that will cost the developer about $55 million to build. A joint venture formed by Titan Investments LLC in Denver, Colo. (Stuart Davis, principal) and IMH Financial Corp. in Scottsdale (Will Meris, pres.) plans to develop a 220-unit/600-bed student housing complex just east of the ASU campus at the northwest corner of Lemon Street and Terrace Road. Oasis Indian Bend LLC (the Titan/IMH venture) has zoning approval in Tempe to develop the mixed-use residential-retail project. IMH owns the 3.56-acre site after foreclosing on the previous owner of the land. Plans from Ayers Saint Gross in Tempe show three, five-story and two, six-story structures wrapping a six-level parking garage with 402 spaces. The studio, one-, two- three- and four-bedroom units will range from 502 sq. ft. to 1,585 sq. ft. The fully furnished units will be part of a resort-style development that will have a wide variety of amenities, including retail and restaurants, a theater, fitness club and game room. Monthly rental rates still to be set. Construction is scheduled to begin early 2014 with completion anticipated by June of 2015. Continue reading
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