Topaz, a new student residential and retail development adjacent to San Diego State University, has started pre-leasing for housing scheduled to open in August.
Pierce Education Properties, one of the country’s largest private owners, operators and developers of student housing, was selected to redevelop the property by the long-time owners of the site, a former McDonald’s.
The firm and the owners are joint venture partners in the project, which fronts Montezuma Road west of College Avenue and abuts SDSU’s South Campus Plaza project.
Topaz will provide the university with 53 furnished units of student housing while bringing back McDonald’s in a new space and adding other four new retail tenants, including Handel’s Homemade Ice Cream, Jimmy John’s and Dunkin’ Donuts.
The retail outlets are set to open in late summer. Negotiations continue with the final tenant.
The units range from one bedroom, one bath to four bedrooms, four baths. All will be
leased by the bed – there are a total of 169 beds.
“Student residents will enjoy the spacious units and top-of-the-line amenities in immediate walking distance to campus,” said Fred Pierce, president and CEO of Pierce Education Properties, “and the businesses co-located in our building are expected to thrive.”
Residents will have access to several amenities including high-speed internet, landscaped courtyards, private study and conference rooms, a spa, lounge/game room space, fitness center and vertical tanning booth. They will have a short, level walk to campus and the nearby SDSU trolley stop will minimize the need for a car.
Pierce, who has close ties to SDSU as a past Alumni Association president and member of five university boards, explained the need for campus housing.
“SDSU is expected to see enrollment growth of more than 15,000 new students over the next decade,” he said. “Demand for student housing is expected to be even more robust due to the shortage of housing in the San Diego County market, coupled with rising fuel prices encouraging students to live in the limited inventory of housing somewhere they can walk
or bike to the campus.”
Rental applications are available online.