Hub On Campus Tucson is bringing more high-rise living to University of Arizona students with an additional Phase 2 of the Hub that will tentatively add 325 more residents in a new 6-story building next to the current Hub.Core Campus Tucson II LLL, an affiliate of Chicago-based Core Campus, completed the purchase of 1021-1023 and 1037 North Tyndall Avenue from the City of Tucson for a second student housing building and a purchase price of $1.5 million for a 36,575-square-feet of lot with 5,454-square-foot building, purchased solely for land value.
The newly acquired property is to be redeveloped for construction of the 6-story building, not to exceed 84’ in height adjacent to Hub On Campus Tucson Phase 1 that was completed in August 2014 and is home to 594 residents in 163 units. The Phase 1, 12-story high-rise at 1011 North Tyndall Avenue, boasts a rooftop deck and infinity edge pool to elevate the lifestyle of Tucson students.
As a condition of the sale with the seller, City of Tucson, Core Campus was required to relocate DIRECT Center for Independence, the tenant at 1023 N Tyndall Avenue. Core purchased the 8,045-square-foot building at 1001 N Alvernon Way in Tucson to accommodate DIRECT, for $1.45 million as published May 1, 2014 in Real Estate Daily News.
Debbie Heslop, CCIM, of Volk Company represented Core Campus in both transactions. John Ash of CBRE Tucson was the tenant representative for DIRECT.
Core has since completed tenant improvements at the Alvernon building and DIRECT is scheduled to move this week. Core can then proceed with construction on the new Tyndall tower, once plans are finalized.
To learn more Heslop should be contacted at 520.326.3200.