In May, the Plaza Hotel in College Station came tumbling down. Come this spring, its replacement will begin to rise.
Woodridge Capital Partners announced they and their partners will begin construction of the first phase of property development at the corner of University Drive and Texas Avenue in the spring.
Phase 1 of the multi-use development will be 53,000 square feet of restaurants, stores and public spaces plus 928 beds for student housing. That is scheduled for completion in the fall of 2014.
It will take another year for the second phase to be finished. By the fall of 2015, another 1,000 beds are scheduled to be ready for students to fill just across from the Texas A&M campus.
The Plaza Hotel had been home to students and a temporary home for visitors to Aggieland over many years and incarnations before its 17 stories were imploded in May.
Woodridge Capital Partners is partnering with Oaktree Capital Management and Capstone Collegiate Communities on the project.
"We are very excited to get this project off the ground," said the group's managing partner, Michael Rosenfeld, in a statement. "We are thrilled to execute our vision for the site which will transform this important gateway into a place that both the City and the community can be proud of."
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