Residence Hall III, a 430-bed student housing facility recently broke ground at the Florida Polytechnic University‘s Lakeland campus in Florida. The University has partnered with Capstone Development on the project, which will be third student housing on campus. Vector Cos owns and manages the other two dormitories, but the new one will be under the ownership of Florida Poly.
According to the developers, the construction on the Residence Hall III student housing project costs about $42 million in total. However, it will be financed with a tax-exempt public bond issued by the state on behalf of the State University System. The developers expect the project to reach completion by fall 2024.
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Residence Hall III will be built at 4700 Research Way, on the University’s campus. Therefore its location is south of Interstate 4, in a area with open green spaces and parks, between Tampa and Orlando. Additionally, the property also offers access to several retail and entertainment options in Lakeland, which is roughly 12 miles away.
Development plans for Residence Hall III
The Residence Hall III facility will be a 5-story building spanning 137,000 square feet. It will feature a mix of one, two and four bedroom suites as well as several onsite amenities. The property provides multiple lounges, study spaces, offices, and a large common room for multipurpose use. On top of that, the dormitory also offers a beautiful interior courtyard designed with plants and water preserving landscape. Students occupying the hall will also enjoy access to facilities such as a swimming pool and recreation rooms.
The development team for the Residence Hall III project includes Design Collective as the architect. While Clancy & Theys is serving as the general contractor and Capstone Management Partners will handle operations and maintenance services.
Capstone Development’s Project Executive, Walker May, said his company was excited to partner with Florida Poly on Residence Hall III. Especially since its an opportunity to help the growing University expand its campus housing offerings to attract more students.
