The new Arizona Bioscience Park is close to signing a development deal for graduate student apartments.
The park is negotiating the business terms with a developer, said Bruce Wright, who heads the University of Arizona's research parks.
He declined to name the developer, citing a non-disclosure agreement.
The company is designing an complex with 1- to 3-bedroom apartments and a total of 330 beds. The site is 2.5 miles south of the UA campus near South Kino Parkway and East 36th Street.
The target residents would be graduate students, married students and junior faculty, Wright said.
The plan could be ready for the Arizona Board of Regents' approval in August. The project could open in 2012.
The park consulted with UA's Residence Life department, which rents to grad students at an apartment complex on the west side of campus.
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However, the new project will be private and not leased through the UA, Wright said.
On-site housing someday will be a great feature of the park for grad students who will work and learn there, said Jim Van Arsdel, residence life director.
Many students who work on campus won't want to make the drive, he said.
For the project to succeed, the price will have to be right for students, namely low or subsidized rent, said Art Wadlund, a partner with the Tucson office of Hendricks & Partners, an apartment sales firm.
work under way
Roadways and utilities are under construction at the Arizona Bioscience Park.
The work is being done by Tucson-based SQP Construction under a $4.7 million federal-stimulus grant.
Low construction costs mean the park could have about $1 million in grant money left. The UA is asking to use the money for more road work, landscaping and storm-water drainage.
The master plan for the park includes a high school, labs, offices and a hotel.
Contact reporter Becky Pallack at bpallack@azstarnet.com or 807-8012.
