Construction is set to begin this month on a private $86 million, 835-bed apartment complex at Purdue University that will be the first facility in a $1 billion development district.
The university says in a news release that the four-story, three-building, 387,000-square-foot complex will be constructed in the Discovery Park District on the west side of the Purdue University campus in West Lafeyette, Ind.
Named “Aspire at Discovery Park,” the apartment complex will be built on a five-acre tract on the south side of State Street, a major east-west artery through the campus. It will consist of studio, two-bedroom and four-bedroom apartment styles. Plans also call for 18,000 square feet of community and retail space in the facilities. It is scheduled for completion by August 2019.
The project is a joint venture between Balfour Beatty Campus Solutions and Walsh Investors, which has signed a long-term lease with the Purdue Research Foundation for the land.
“It is certainly a milestone to break ground on the first of many developments in the Discovery Park District,” says Jeff Kanable, director of the Discovery Park District (formerly called Purdue Innovation District). “In just a few years this area will feature modern living, learning, shopping and dining for Purdue students and the surrounding community.”
The Discovery Park District is a partnership development between Purdue Research Foundation and master developer Browning Investments. It seeks to build an educational, economic, cultural, community and real estate development encompassing several million square feet with a total investment of more than $1 billion.
The 450-acre district will feature 7 million square feet of interior building space including a hotel with conference center; restaurants; retail, office and business spaces; parks; research facilities; and industrial space. Development of the district is expected to take place over 15 to 20 years.