University Developments is planning to build student housing across from Florida International University in Miami. University Bridge Residences will include 886 units, ranging from studios to four-bedroom apartments, as well as 7,200 sq ft of retail space on 20 floors. The tower will also offer a direct connection to the campus via the 8th Street pedestrian bridge. The developer is hoping to break ground this spring, with delivery scheduled for the 2020-21 academic year.
University Developments had originally planned to build a condominium project on the site but switch to an all-rental model, thanks to South Florida’s strong rental market as well as new tax reform laws, which reduce corporate tax rates from 35 percent to 21 percent.
“Despite very impressive sales in an overall difficult condominium market, we have made the decision to retain this asset instead of selling it off to individual buyers,” said Brian Pearl, principal at University Developments. “Cervera Real Estate, our exclusive broker, has done an amazing job, realizing more than 150 unit sales in the past six months. We were certainly on track on our projections, however, the option of retaining the asset is clearly the better scenario for us in the long-run.”
