The project, known as the ASU Scottsdale Innovation Center, includes about 325 residential units that will be open by October 2013, officials said.
The apartments, to be built in four phases that stretch out the opening until April 2014, will be built around the facility’s main parking garage. MT Builders will handle construction and Lincoln Property Co. will be the apartment management company.
“We’re very excited to get this project under construction because we believe it has the potential to be highly successful,” said Don Couvillion, vice president of real estate for the ASU Foundation. “The kind of high-quality residential component we are planning will meet a key market niche in the area and provide new residential opportunities for those wanting to live in this dynamic part of the Valley.”
SkySong was a joint venture between ASU, Plaza Cos. and USAA, designed to be an incubator for businesses coming out of the university. It also has become home to some technology ventures by companies such as Ticketmaster as well as a home for international businesses looking for locations in the Phoenix-metro area. USAA will provide the financing for the project.
SkySong currently has office space in two buildings on the 42-acre campus. Plans are under way for two more office buildings at a cost of $60 million as well as the apartments that would bring the total development size to 750,000 square feet.
The first two buildings are about 98 percent leased, officials said.
“SkySong has always been planned as a mixed-use development that provides an exceptional environment for living and working,” said Sharon Harper, president and CEO of Plaza Cos. “With this residential project under way, we are getting closer than ever to our goal of truly revitalizing this property and making SkySong an ideal destination for the kind of jobs and industries that will have a positive economic impact on our community.”