FIU gets approval for 410 campus housing units

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.

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Story by: Brian Bandell – Feb 20, 2015, 6:00am EST
Photo Courtesy: Biz Journals

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