Florida Institute of Technology - Student Housing
Florida Institute of Technology needed several new facilities in order to adequately support its anticipated growth. Florida Tech’s idea was to redevelop several acres of underutilized land on its main campus. The institution needed a strategic partner to offer financing and development expertise.
TUFF was invited to join a previously selected development team to add depth to the team from an investment and financing perspective. TUFF leased the land and invested in a series of facilities that were then leased back to Florida Tech on a long-term basis. Since the Student Housing project was on a tight delivery schedule due to the school calendar, TUFF invested significant equity into the project to accelerate development before permanent financing was secured.
The student housing complex was delivered in August 2008 in time for the fall semester. Subsequently, Florida Tech and TUFF have partnered to construct a swimming and diving facility, a structured parking deck, a food service and banquet facility, and a life sciences research facility.