CA Ventures Announces Start of Construction on 330,000-Square-Foot RISE at State College Near Penn State University
(CHICAGO) -- CA Student Living, the student housing investment and development division of Chicago-based CA Ventures, and Liberty Mutual today announced they have commenced construction on RISE at State College, a 12-story, 575-bed grocery-anchored development at 532 E. College Ave. in State College, Penn. Located across from the Penn State University campus, the project is scheduled to deliver in summer 2018, with pre-leasing slated to begin in fall 2017.
“RISE at State College’s highly walkable location and modern aesthetic will make it an iconic ‘bookend’ to the East College Avenue corridor,” said JJ Smith, COO of CA Ventures. “While there are off-campus housing options in State College, this development will raise the bar in terms of both finishes and amenities, creating a new class of housing designed for – but not limited to – students who want to make the most of their college years.”
When complete, RISE at State College will include a mix of retail and amenity space on the first and second levels, graduate housing and professional residences on floors three and four, and student housing on levels five through 12. The development will be anchored by a 16,500-square-foot Urban Market grocery store, the chain’s third university-oriented location. The store will feature locally sourced produce and meats, grab-and-go food items and prepared meals including fresh sushi daily, and year-round care package delivery. RISE at State College residents will also receive a 15 percent discount on all purchases made on weekends.
“We’re thrilled to partner with Urban Market and bring this student-friendly concept to State College,” said Smith. “The store’s wide assortment of food and grocery items will not only maximize convenience for residents, including on-the-go students who may not have time to prepare their own meals, but also those who live and work in the surrounding community.”
Apartments at RISE at State College will include a mix of studio, one-, two-, three-, four- and five-bedroom floor plans ranging in size from 400 to 1,500 square feet, with a 1:1 bed-to-bath ratio in most units. Each apartment will be fully furnished with designer furniture and feature wood-grain flooring, modern kitchens with stainless steel appliances and quartz countertops, flat screen televisions and in-unit laundry.
“The residences at RISE at State College will meet pent-up demand for luxury student housing in State College with few, if any, comparable options in the immediate vicinity,” said Smith. “Because so much time is spent outside of individual residences, we’ve designed a full suite of amenities that can accommodate a variety of activities – everything from studying to exercising to socializing.”
Outside, a 9,000-square-foot amenity deck will provide numerous spots for impromptu gatherings, including a hot tub/spa; “active lounge” with gaming areas; and “passive lounge” with hammocks and a fireplace, a grilling and dining area, and TV viewing area. Indoor amenities will include a resident lounge, study room and 24-hour fitness center with yoga room.
Students at RISE at State College will also have access to CA Student Living programming, designed to enhance study habits, encourage prudent financial planning and assist in attaining career goals.
“Today’s students want housing that is not only stylish, but highly functional and conducive to their lifestyle,” said Smith. “RISE at State College will deliver on all fronts, featuring impeccably designed interiors and a desirable location with 360-degree views of the adjacent campus and downtown State College.”
In addition to enjoying convenient access to campus, residents will be a short walk from popular shopping, dining and entertainment venues along College Avenue, as well as the Bryce Jordan Center and Beaver Stadium.
Altoona, Penn.-based Leonard S. Fiore Inc. will serve as the project’s general contractor, while Boston-based Shepley Bulfinch has been retained as architect of record.
About CA Ventures/CA Student Living, LLC
CA Ventures LLC is a Chicago-based real estate investment holding company whose international portfolio includes $6.3 billion in assets throughout the U.S. and Latin America. While initially focused on student housing, CA Ventures has since diversified into other sectors, including office, senior lifestyle, multifamily, and hospitality. In addition to development and renovation, the firm specializes in institutional joint ventures; value add investing; equity and debt sourcing; and asset management services. CA Ventures serves as the holding company for the CA family of companies, including CA Student Living, CA Office / Vanderbilt Partners, CA Senior, CA Residential, CA International, CA Hospitality, and CA Asset Services. For more information, visit www.ca-ventures.com.
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