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An excavator demolishes the former H-E-B grocery store on Speight Avenue and South 12th Street near Baylor University.

Austin-based American Campus Communities plans to build a five-story, $40 million student housing complex at the location, with living units for 702 people and a multistory parking garage.

The 42-year-old store closed in August 2013 in conjunction with the opening of an H-E-B Plus! store at South Valley Mills Drive and Interstate 35.