Swanky student housing is coming to Florida International University after Toll Brothers and CanAm Capital snagged a $103 million construction loan.
The developers secured the loan from Ocean Bank on Monday to build Lapis, a 21-story luxury apartment building north of FIU at 765 SW 110th Avenue, according to a news release. It will have smart-electronic controlled access, a fitness center, business center, outdoor kitchens and a secured garage according to the release.
The loan marks a new stage for a years-long project to develop the 1.72 acre property as housing. Global City Development bought the site in January 2018 for $8 million before selling it to Toll Brothers last December for $19 million. It’s Toll Brothers’ first multifamily project in Florida, and its fourth in the nation according to the release.
It’s adjacent to the site of a doomed pedestrian bridge that connected to FIU’s main campus. The bridge collapsed in 2018, killing six people. Contractors Figg Bridge Engineers, Munilla Construction Management, Bolton Perez & Associates, Structural Technologies the Structural Group of South Florida were slapped with an $86,658 fine, according to the Miami Herald.
Housing straddles the vacant lot on its north and west sides, and U.S. Route 41 runs along its south.
The loan was the third of more than $100 million secured this year by Miami developers. PMG and Greybrook Realty Partners scored a $142.3 million construction loan in august for their planned mixed-use rental project in Wynwood.
Earlier this month, Kushner Companies got two loans totaling $127 million for an apartment development planned for Miami’s Edgewater neighborhood.