The University of Arizona will oversee a $250 million project to build a new 19-story student dormitory at the northwest corner of Speedway and Campbell, in partnership with a nonprofit organization that will finance, build, and operate the facility.
The new residence hall will provide housing for more than 1,200 students and will include a dining hall and additional amenities.
Mortenson Development is purchasing the 2.49-acre property, currently the site of the former Palm Shadows Apartments, from the landowner. The nonprofit Collegiate Housing Foundation (CHF) will then buy the land from Mortenson at fair market value and transfer it to the university, contingent upon CHF’s successful closing on tax-exempt bond financing for the project.
The financing will be repaid over approximately 40 years and funded through residence hall fees. Under a 50-year ground lease with the university, CHF will independently finance, develop, construct, and operate the dorm. The University of Arizona will have no debt obligation associated with the project.
