By: Daniel Benson; Belfiore Real Estate Consulting
Capstone Collegiate Communities (CCC) is moving forward with its 159 unit ‘Capstone Cottages’ student housing community located near ASU’s main campus in Tempe. After CCC initially received site plan approval from the Tempe Development Review Commission on April 21, 2014, a Tempe Neighborhood Association filed a formal appeal challenging the Commission’s approval. The association claimed the development would drastically increase the local traffic potentially leading to a safety risk for neighborhood drivers, pedestrians and bicyclists. The association also claimed Capstone’s planned shuttle service for its residents would compete with Tempe’s Orbit bus service, thus not supporting the “potential for transit patronage.” The Tempe City Council formally denied the neighborhood association appeal at its Special Meeting held on July 17, 2014 (click here to view the agenda and results).
According to public record (click here to view the affidavit), CCC closed on the Capstone Cottages site July 23, 2014 for $8,750,000 ($55,031 per planned unit). The site was previously home to the Cook Theological School. Since the site’s zoning designation was amended back in 2008, Capstone Cottages is the third multi-family project proposed for the site. The site is located just north of the north west corner of Lindon Lane and University Drive.
