Thousands of Yale students and visitors as well as New Haven professionals will soon be able to enjoy the city’s first fully furnished short-term apartment complex.

Developer MOD Equities plans to begin construction this spring on a new complex at the intersection of High and George that will house 115 with short-term leases, lasting for periods as short as one day or as long as one year. The complex, which will be built on the current site of Avis Car Rental, will open around spring 2017, said MOD Equities Principal Josef Feldman. The fully furnished, short-term units will meet the needs of thousands of Yale students and visitors who spend short periods of time in the city, said Erin Gustafson, senior advisor at the Yale Office of International Students and Scholars.

“Every year Yale hosts faculty, lecturers, researchers and postdocs from around the world,” she said. “These scholars come to campus for short stays, anywhere from a few months to a year or two, and arrive at all times of the year in need of affordable short-term housing.”

Feldman said he and his brother Jacob Feldman began outlining plans for the new building after hearing frustrations from tenants at other properties in the city about having to buy furniture for short-term stays. These tenants — many of whom were Yale visitors or medical students completing training programs at Yale-New Haven Hospital — often had to go through the cumbersome process of choosing and buying furniture, only to sell it months later.

The new buildings will also help professionals in the city adjust to becoming permanent New Haven residents, Josef Feldman said. He added that new residents who are not familiar enough with the city to purchase a home will be able to rent from MOD Equities as they are gradually introduced to life in the Elm City.

“This will be a perfectly transitional building for many,” Josef Feldman said. “It will be a gateway building into a normal apartment in the neighborhood.”

The new complex will also aim to appeal to Alexion professionals who will move to the city in January when the company relocates to New Haven, Josef Feldman added. The company will bring over 1,000 full-time employees and expects to grow its workforce in the coming years, Alexion Corporate Communications Director Kim Diamond said in a November email.

The complex — located blocks away from Yale, Yale-New Haven Hospital and Alexion’s new headquarters at 100 College St. — is ideal for young professionals looking to bike and walk to work, said Downtown Alder Abigail Roth, whose Ward encompasses the new building. She added that downtown has become home to an increasing number of young professionals who bike or walk to work.

Statistics gathered by DataHaven — a data analytics nonprofit studying the city — reflect Roth’s observation. Around 78 percent of the Downtown population is aged 18–34, according to DataHaven Executive Director Mark Abraham. Abraham added that two-thirds of the 5,000 workers in the immediate downtown area bike or walk to work everyday.

Once completed, the complex’s ground floor will house a coffee shop with apartment units sited on the upper floors, Josef Feldman said.

New Haven architecture firm Svigals + Partners is designing the building.