By Karen Schutte | RED News
After three years being under construction, Sterling University the developer of Aspire Student Housing, is back acquiring the adjoining Chase Bank site, 947 N Park Ave., at the southwest corner of Park and 1st Street, for second phase, or Aspire 2. The developer, an affiliate of Dinerstein Companies of Houston, paid $16.675 million ($470 PSF) to the seller, JPMorgan Chase Bank, for the site in Main Gate District within two blocks of the University of Arizona. This sets a new record high for land value previously set when Sterling and Dinerstein bought the first site for Aspire Tucson.
This is the buyer’s third student housing acquisition and development in Tucson. It also constructed and later sold Sterling University Villas at 2550 W Ironwood Hill in Tucson.