A 16-story mixed-use building on the downtown Phoenix campus of Arizona State University is furnishing real-world experiences for college students.

It is just in time to help students prepare to enter an economy that some experts say has just entered a recession, with as many opportunities for entrepreneurship as traditional careers.

Scheduled to open in fall 2021, the $118M, 283K SF ASU Downtown Phoenix Residence Hall and Entrepreneurial Center will be home to three new programs that are based on entrepreneurship: design, fashion and popular music.

The building will be on the corner of First Avenue and Fillmore Street, with high visibility for foot traffic that passes through the intersection. The project is a partnership between Arizona State University, Capstone Development Partners and Studio Ma.

The first three floors of the building will cover over 75K SF designated for academic and commercial use, including a first floor flexible event space for up to 300 people to use for fashion shows, live events and public presentations. The second and third floors will offer career resources including music recording studios, ensemble rooms and fabrication labs.

“We conducted a student housing master plan for all Arizona State University campuses in 2018, and this building represents an unmet need in our findings,” Studio Ma Architecture and Environmental Design principal Jason Boyer said. “This building is a resource to turn their education into a viable career among the backdrop and resources of downtown Phoenix.”

The center will have 13 floors and 207K SF of student apartments, eventually housing 550 students in studio, two-bedroom or four-bedroom units. To maximize student safety, the residence hall has a separate entry from the entrepreneurial center. It will be the first addition to downtown student housing since an initial residence hall was built 10 years ago.

“We needed to offer a modern residence slightly below the market cost of downtown,” Boyer said. “With a full kitchen, bathroom and the latest technological amenities, these are downtown student apartments targeted to upper class students and graduate students.”

This is ASU's third public-private partnership with Capstone on both its downtown and Tempe campuses. The continued development of its downtown site is closely followed by both alumni and city officials.

“In this uncertain economic environment, Arizona State University is making an easier transition for students from curriculum to career, [which] allows us professionals to take a more vested interest in the downtown campus,” said Raul Monreal, an ASU alumnus and local resident. “These buildings set the trend for commercial real estate across downtown Phoenix, not just the ASU campus.”