Capstone JV Completes 430-Bed Student Development
The community is the result of a public-private partnership with Florida Polytechnic University.
A public-private partnership between Capstone Development and Florida Polytechnic University has completed and opened the third phase of Residence Hall in Lakeland, Fla. The 430-bed student housing community broke ground last year.
Partners on the $42 million project included Design Collective as architect of record and The Lunz Group as interior designer, together with Clancy & Theys as general contractor. Capstone Management Partners provides facility maintenance.
Located on the Florida Poly’s campus, the community is the first dormitory owned by the university. In 2023, the institution obtained $76 million in tax-exempt revenue bonds from the State University System, insured by Build America Mutual, to fund the development of the recently completed property and also acquire Residence Hall II.
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The five-story building encompasses one-, two- and four-bedroom floorplans. Common-area amenities include lounge and study spaces, a multipurpose room and social media studios, along with an interior courtyard. Students also have access to campus-wide facilities, such as a swimming pool and recreation areas.
The Florida Poly campus is at 4700 Research Way, just off Intestate 4 and some 16 miles from downtown Lakeland. Downtown Tampa, Fla., is roughly 44 miles southwest.
Capstone’s growing student housing inventory
Capstone Development Partners has developed north of 47,000 student housing beds nationwide since its inception. The company partnered with more than 70 public and private colleges and universities.
Last September, Capstone Development and Boaz Ventures obtained financing for the construction of Nexus on Holmes, a $60 million, 249-unit student housing project in Huntsville, Ala. The four-story community is scheduled to come online next summer.
