Gilbane, Inc. has been given the green light to start the construction of its $240 million mixed-use student housing tower after reaching a financial close deal.
The project, in partnership with Palm Beach Atlantic University, features a 25-story building with 275 apartments and 990 total beds. The building also hosts a 28,000-square-foot dining hall, a 14,000-square-foot fitness center, 230 bike stalls, study areas, a wellness lounge, a social lounge, a gaming room, 704 parking spots in a garage and a student recreation center.
With the Palm Beach County Board's approval, groundbreaking is set for this summer, and completion is targeted for August 2027. The development is being supported through revenues from the project and bonds issued by the County.
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"The new residence hall will allow us to bring additional students back to campus housing and support a more unified student experience," Palm Beach Atlantic University President Dr. Debra A. Schwinn, said in a statement.
"This transformational project reflects our commitment to whole-person education and community engagement. Our investment in this enhanced campus environment meets the needs of our student body but is also strengthening our role as a partner in the flourishing downtown West Palm Beach, now known as Wall Street South."
Shutts & Bowen, Kimley-Horn and Urban Design Studio were involved in helping the student community intentions go through the traffic engineering, planning, land use and final design stages.
Yardi Matrix found in a recent report that student housing pre-leasing for May increased by 1.5 percent year-over-year to 79.9 percent. Yardi attributed the gains to rising enrollments seen over the past couple of years. However, the firm does warn that higher-education funding cuts and crackdowns on international student visas could threaten enrollments in the future.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
