The Florida Board of Governors approved Florida International University’s plan for more student housing at its Biscayne Bay campus on Thursday.
FIU wants to build a 200,682-square-foot, 410-bed complex with 205 parking spaces. The nine-story building will also have a pool.
The university intends to sign a 40-year lease with NCCD-Biscayne Properties, an affiliate of Austin, Texas-based National Campus and Community Development Corp., for 2.2-acre site and have the private party develop the building. FIU would issue a 34-year, $56.4 million debt package for the project, but the developer would make the payments.
Rental rates for the least expensive units are expected to be $11,608 annually. FIU agreed not to raise rents more than 3 percent a year.
Story by: Brian Bandell – Feb 20, 2015, 6:00am EST
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