$52M Student Housing Project Given Name: Roosevelt Point
- Sep 24, 2012
A $52 million student housing project in downtown Phoenix got two major boosts a week ago. Six months after it broke ground, the project finally has a name: Roosevelt Point. Another event that propelled the project even further was an official announcement by its developer – Concorde Eastridge Inc. – according to which a temporary leasing office will open in early October at Arizona Center.
The project is planned to include a residential building on each of the two separate blocks, standing at seven to eight stories each and containing approximately 325 dwelling units, common areas, approximately 8,000 square feet of grade-level mixed-use/retail, a five-level parking garage with approximately 400 stalls, on-grade pool areas and additional tenant amenities, according to a statement from Concord Eastridge.
The Phoenix Business Journal reported that earlier this year the developer became the minority owner of the project when EdR, one of the largest U.S. owners and developers of student housing, signed an agreement to act as the majority owner. EdR not only owns an 80 percent interest but will also manage the community.
Through a Phoenix city council government property lease excise tax , the owners of the development are exempt from paying property taxes at the site for the next 25 years. In exchange, the project will provide a significant number of high-quality for-rent housing units in downtown Phoenix, a primary objective of the city’s Downtown Master Plan. Additionally, the project is expected to generate even further development in the downtown area.
Expected to be completed by next summer, the rental project has been under construction since February 2012.
Photo rendering of the Roosevelt Point project, courtesy of Concorde Eastridge