The University of Hawaii is encouraging current and potential UH students to indicate their interest in applying to live and study at the upcoming Residences for Innovative Student Entrepreneurs, also known as RISE.

The $70 million groundbreaking combination of student housing and innovation center is being built at the corner of University Avenue and Metcalf Street, and the first students are expected to move into the 374-bed facility starting in fall 2023.

“The residents will enjoy not only a brand-new housing community with like-minded students, but proximity to the wealth of UH entrepreneurship programs offered by the Pacific Asian Center for Entrepreneurship (PACE) in the Shidler College of Business, that will be centered in the classroom, makerspaces, meeting rooms, and co-working spaces on the bottom floors of the new facility,” according to a statement from the university.

On the RISE website at riseuh.com/rise-honolulu-hi, students can find more information and sign up for notifications for when applications become available in the fall.

“If you’re an aspiring entrepreneur, leader or creator who wants to be a part of a unique living experience, put your name on the list to stay informed and apply to live at RISE,” the website says.

Monthly rent per bed in the dormitory-style project is expected to start in the $1,250 range, said Michael Lam, senior vice president of development, Hawaii region, for Hunt Cos. Amenities will include an outdoor deck with barbecue grills, covered lounge space and multiple seating areas; on-site management; bike and surfboard storage; air conditioning; and Wi-Fi.

Students will be selected on a first-come, first-served basis, and applicants will be screened for interest in innovation and entrepreneurship, said Margot Schrire, associate vice president of communications for the UH Foundation.

RISE is fully funded with private, nontaxpayer money. The university, UH Foundation and Hunt Cos. entered into a public-private partnership to design, build and finance the facility. Moss is the general contractor. B.HOM Student Living will manage RISE, making it the university’s first externally managed student housing complex.

“RISE will provide UH students with unique opportunities to develop as innovators and entrepreneurs who will help lead the diversification and strengthening of our economy,” UH President David Lassner said in a statement.

Lassner said the added student housing will “help relieve pressure on the waiting lists created by enrollment growth at UH Manoa, which looks to prepare for another record-breaking entering freshman class.”