Anyone can buy one of these condos, but only FIU college students, staff can live there – Miami Herald
Florida Worldwide College college students will quickly have the chance to cram for his or her finals inside snug, trendy digs.
College Developments, a partnership between Miami-Based mostly World Metropolis Improvement and two Toronto companies, will construct a brand new 20-story apartment tower on a .7-acre lot at 740 SW 109th Avenue in Sweetwater.
The condos, which can be priced from $190,000 to almost $700,000, can be out there for anybody to buy. But residents of the constructing have to be registered FIU college students, college or staff.
The constructing, to be referred to as College Bridge Residences, can be comprised of 492 models, ranging in measurement from 300-square-foot studios to ,634-square-foot 4-bed room layouts. Three- and 4-bed room townhouses will even be out there, together with 7,200 sq. ft of retail area on the bottom ground. There can be 600 parking areas.
The agency Arquitectonica will deal with inside and exterior design duties. The constructing will connect with the pedestrian bridge at SW Eighth Road and 109th Avenue, which is predicted to be accomplished by summer season 2018.
“The enterprise case for constructing a scholar-centered residence throughout the road from one of the most important universities within the nation is obvious,” stated Brian Pearl, principal and co-founder of World Metropolis Improvement. “You've gotten a captive rental viewers that performs properly in a number of financial environments.”
When accomplished, College Bridge Residences would be the first apartment constructing in Miami-Dade catering completely to a college.
Personal-sector funding in scholar housing is already fashionable in international locations comparable to the UK, Australia, Argentina and Colombia. Though scholar housing accounted for only 6.6 percent of the total multifamily transaction volumes within the U.S. in 2016, the greenback determine — $9.2 billion — marked a 64.5 % enhance over the earlier yr.
In contrast to conventional dorm areas, which depend on widespread bogs and different shared facilities, each unit within the new constructing could have personal bogs for every bed room and be outfitted with washers and dryers. The models will even be furnished.
FIU President Mark B. Rosenberg stated practically three,700 of the Tamiami faculty’s 42,000 college students live in campus dorms, with a ready record of greater than 700. Whole attendance at FIU’s Tamiami and Biscayne Bay campuses is 56,000, making it one of the five largest public universities within the U.S.
“This yr alone we’ve employed 130 college,” Rosenberg stated. “For us, the expansion just isn't about measurement, per se, but about utilizing scale for leverage. The bigger we're, the extra alternatives we can present for our college students.”
Roughly eight % of FIU’s college students live in housing owned, operated or affiliated with the college, such because the 15-story 109 Tower constructing at 737 SW 109th Ave.