American Campus Communities (ACC), which owns, manages, and develops student housing properties in the USA, has declared the construction beginning of a third party building development project in Normal, Illinois located Illinois State University (ISU) campus.
ACC has won the award for the construction of 896 bedded apartment type community center through a competitive bidding process. The proposed building will be opened for use in August 2012.
The ISU Board of Trustees has approved the Cardinal Court project, the first of its kind public and private housing initiative, in June last year, to construct modern apartments for the use of students. The new Cardinal Court project, which replaces an old construction built in 1950, will have five four-storied residential constructions to be built close to a 16,400 square foot community center and a central lawn linking the community center with the building. The 228 apartment-style units planned will allow a range of apartments with private bed and bathrooms and laundry in each floor. It will also include two/three/four bed room units along with each of the private or shared type of rooms and bathrooms.
All the units will have fully furnished living and kitchens along with access for internet, telephone and cable television facilities. The community center will also include indoor and outdoor sports facilities, a fitness center, and rooms for meeting/study, a theater, mail center, café, a gaming area and a social lounge. The facility will have racks to accommodate 64 bicycles and parking space for 677 cars.
The project is financed utilizing a fixed-rate bond issued by Collegiate Housing Foundation, a not for profit organization based at Alabama through a 40 year ground lease accord with ISU.
Source: http://www.americancampus.com/