MESA, Ariz.--(Inland American Communities Group, Inc. (IAC), a wholly-owned subsidiary of Inland American Real Estate Trust, Inc., has broken ground on the first phase of its newest on-campus project, Innovation Academic Village, on Arizona State University’s (ASU) Polytechnic Campus in Mesa, Ariz. This state-of-the-art student housing community and dining facility will be located adjacent to the campus core, the newly constructed Student Recreation Center and recreational sports fields. Construction of the $13.5 million housing project began July 2011 and is on schedule to open for the fall 2012 semester.)--
“IAC always takes a customized and student-focused approach to each of its university developments across the country”
The housing facility consists of 318 suite-style beds in an 85,000-square-foot, three-story structure, on property ground leased from ASU. The Innovation Academic Village project will ultimately provide housing for 1,200 students and offer generous amenities, including common areas with multipurpose spaces, student lounges, various study and collaboration areas and a full use kitchen. The facility is fully integrated with ASU’s on-campus data and cable TV infrastructure.
Phase I also includes the development of a new $8 million, 20,000-square-foot dining facility, with seating capacity of 350. The facility will also include a coffee shop, grocery/convenience store and the Devils’ Den, a student oriented multimedia lounge. Upon completion, the dining facility will be owned by ASU and Aramark will operate and manage it for the University.
“IAC always takes a customized and student-focused approach to each of its university developments across the country,” said Travis Roberts, executive vice president/managing director, IAC. “In this instance, our collaborative and multi-disciplined planning, design and financial structuring efforts with Arizona State University will result in a top quality environment for local students to live and learn.”
In addition to Arizona State University, development partners for Innovation Academic Village include CORE Construction (general contractor), RSP Architects (architect) and Wood, Patel & Associates (civil engineer).
About Inland American Communities
Inland American Communities Group, Inc. (IAC) is a development, acquisition and management organization dedicated to the creation of authentic communities in urban-infill and university markets across the United States. IAC was formed in 2007 as a wholly-owned subsidiary of Inland American Real Estate Trust, Inc. The company is headquartered in Dallas, Texas, with additional corporate offices in Atlanta, Georgia and Tempe, Arizona. For more information on Inland American Communities, visit www.inlandac.com.
About Inland American Real Estate Trust, Inc.
Inland American Real Estate Trust, Inc. is the largest, active non-traded REIT in the nation with assets of over $11 billion. Inland American focuses on acquiring and developing a diversified portfolio of commercial real estate including retail, multi-family, industrial, lodging, office and student housing properties, located in the United States and Canada. The company also invests in joint ventures, development projects, real estate loans and marketable securities. As of September 30, 2011 Inland American owned, directly or indirectly through joint ventures in which it has a controlling interest, 976 properties, representing approximately 49 million square feet of retail, industrial and office properties, 9,790 multi-family units and 15,813 lodging rooms. Inland American is one of five REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Companies, Inc. For further information regarding Inland American, please refer to the company website at www.inlandamerican.com.