Tuition? How about a condo too? Developers targeting FIU students and their parents for new condo project
Prices range from $190,000 to high $600,000s
Miami-based Global City Development is teaming up with two Canadian builders to bring 492 condos geared toward college students across the street from Florida International University’s main campus.
In a partnership with Toronto’s Podium Development and Reichmann International, Global City is planning a new 20-floor luxury tower designed by Arquitectonica called University Bridge Residences, which will offer units from $190,000 to the high $600,000s. Cervera Real Estate is the exclusive sales and marketing firm.
“These buildings are typically owned by insurance companies and real estate investment trusts,” said Global City principal Brian Pearl. “This is a new trend. We think parents who want their kids to be in the best location near FIU will want to buy. We also think it will be attractive for investors who want to rent to students.”
The development site, at 740 Southwest 109th Avenue, is currently home to a 66-unit apartment complex built in 1983. Property records show College Suites Associates LLC, a company affiliated with the developers’ University Bridge GP LLC, purchased the property for $16.6 million in December.
Floorplans at University Bridge range from 317 square feet to 1,634 square feet, featuring studios and units with up to four bedrooms, as well as three- to four-bedroom townhouses. Amenities include a resort-style pool and a sundeck, a fitness room, an indoor lounge and game room. The rooftop will feature a sunset terrace with dining areas, a yoga lawn and performance stage, according to a press release.
Most units will be between 300 square feet to 600 square feet. “College students haven’t had a lot of time to accumulate stuff so they don’t need big spaces,” Pearl said. “They also don’t need much parking. We have a designed a special drop-off location to make it easier to use ridesharing services like Uber and Lyft.”
Since the building is for student housing, University Bridge will also have shared study areas on each residential floor, a business center with four conference rooms, direct internet access to FIU and an outdoor video screen. The developers are also setting aside 7,000 square feet on the ground floor for retail stores or restaurants geared to FIU students.
The project will also be connected to the campus via a pedestrian bridge over Southwest Eighth Street and will be completed by the start of the 2020-2021 academic year. It will be managed by Landmark Properties, a firm specializing in off-campus student housing.