Alhambra
MESA, ARIZONA
Goal: Create a unique student living experience for a small university while preserving one of the oldest buildings in the City of Mesa by converting a nationally recognized historic hotel into dormitory-style student housing.
Completed in 2016, the Alhambra Student Housing project revitalized a historic brick building dating back to the late 19th century. The old Alhambra Hotel, which had suffered years of deferred maintenance, was in desperate need of new life. St. Benedictine University, located just a quarter-mile from the hotel, needed additional student housing, and the Alhambra Hotel was a perfect fit. CDP and Venue Projects partnered on the project to assure the financing, design, construction and tenant curation all came together seamlessly.
The ground floor facing the street was opened up, and the small hotel rooms were renovated into dormitory-style rooms. This transformation allowed the University to offer over 60 beds, complete with unique study and common areas. The once-barren courtyard was reimagined as an outdoor living room, providing students with a space to enjoy Arizona’s sunny weather.
DEVELOPMENT
The Alhambra Student Housing project showcases the ability to collaborate with local lenders and find creative financing solutions to breathe new life into a rare and historic building. CDP presented the project to local lenders and investors, emphasizing the need for student housing and the opportunity to preserve one of the most significant buildings in Downtown Mesa.
CDP secured an 80% loan-to-value (LTV) construction loan and a seller-carried land loan. By partnering with a mission-driven lender and a motivated seller, the project was able to come to fruition.
DATA
- Completion Date: 2016
- Total Development Cost: $29M
- Total Units: 36
TEAM
- Developer: CDP & Venue Projects
- Architect: John Douglass Architects
- Contractor: Venue Builders
- Property Management: St. Benedictine University
PARTNERS
CDP is proud to partner with these organizations, dedicated to bettering the lives not only of The Alhambra Student Housing’s residents, but of those lower-income residents in surrounding communities.
Partners
Venue Projects
A local developer, Venue Projects focuses on small but high-impact redevelopment projects throughout the Phoenix Valley. CDP and Venue Projects partnered on the Alhambra Student Housing project to assure the financing, design, construction and tenant curation all came together seamlessly.
St. Benedictine University
Founded in 1887 in Lisle, Illinois, St. Benedictine University (Ben U) invested in a satellite campus in Downtown Mesa. The Mesa campus student body has been growing at an incredible rate each year since opening in 2013. Ben U partnered with CDP and Venue Projects to realize their dream of offering student housing. Students participated in planning of common spaces, room layout and finishes. They also voiced their desire for a space to potentially open a student-run food and beverage concept in conjunction with their business class requirements.
City of Mesa
The City of Mesa played a crucial role in the project, which involved both a downtown university and one of the oldest buildings still standing. The City facilitated a timely review of construction documents and permit issuance, ensuring the project stayed on schedule. Given the building’s zero-lot-line design, there was no space for parking. To address this, the City collaborated closely to establish permitted on-street parking specifically for student residents.