SkySong, the ASU Scottsdale Innovation Center, is taking the next major step forward toward its eventual buildout, as construction is set to begin on 325 residential units.
The $44M project will mark the next major phase of the project, and will include the first residential units in the mixed-use project. The apartments will be built around the existing parking structure on the southeast portion of the project.
Construction will be done in four phases, with the first 83 units scheduled to open for occupancy in October 2013. All 325 units are scheduled to be built out by April 2014.
The apartments will feature innovative, modern architecture and a variety of floor plans to attract professionals who are employed in the area, as well as those who work on the SkySong campus. It will feature loft designs with private patios or balconies, granite and local stone accents, a large pool and Jacuzzi, an on-site exercise room and many other state-of-the-art features.
MT Builders is the construction firm responsible for the project buildout, and Lincoln Property Company has been selected as the property management firm for the project.
Don Couvillion, Vice President of Real Estate for the ASU Foundation, said the apartments will be highly competitive in the marketplace and serve a key need in the area around SkySong.
“We’re very excited to get this project under construction because we believe it has the potential to be highly successful,” Couvillion said. “The kind of high-quality residential component we are planning will meet a key market niche in the area and provide new residential opportunities for those wanting to live in this dynamic part of the Valley.”
Sharon Harper, President & CEO of Plaza Companies, said the residential component is a key part of making the SkySong vision a reality.
“SkySong has always been planned as a mixed-use development that provides an exceptional environment for living and working,” Harper said. “With this residential project underway, we are getting closer than ever to our goal of truly revitalizing this property and making SkySong an ideal destination for the kind of jobs and industries that will have a positive economic impact on our community.”
Plaza Companies is the master developer of the project, and although they are not directly participating in the construction of the apartments, other efforts on the site are underway as well. Plaza is developing the project in partnership with the Arizona State University Foundation and USAA Real Estate Company.
Work also continues on pre-leasing SkySong III and SkySong IV, the next two office towers to be built at the project. The two buildings would include approximately 300,000 SF of new development, and combined with SkySong I and II and the apartments, would bring the total square footage of development at SkySong to approximately 750,000 square feet.
SkySong, the ASU Scottsdale Innovation Center is a home to a global business community that links technology, entrepreneurship, innovation, and education to position ASU and Greater Phoenix as global leaders of the knowledge economy.