By Karen Schutte | Real Estate Daily News
The University of Arizona is moving forward with a roughly $250 million, 19-story residence hall planned for the northwest corner of East Speedway Boulevard and North Campbell Avenue, a major infill redevelopment that will add 395 units with more than 1,200 student beds, along with dining, amenities, and student-support space.
The former Palm Shadows Apartments site at 1815 E. Speedway Blvd. has now been cleared, marking a visible step forward for one of the most closely watched redevelopment corners near the university. The old apartments at Speedway and Campbell have been demolished to make way for the new student housing project, which is expected to serve first-year students.
The project is planned for the 2.49-acre former apartment site and is structured to keep construction debt off the university’s balance sheet. Under the plan outlined in the university materials, Mortenson Development would acquire the property and then sell it to the nonprofit Collegiate Housing Foundation at fair market value once CHF secures tax-exempt bond financing. CHF would then convey the land to the university and independently finance, develop, construct, and operate the residence hall under a 50-year ground lease with UA.
