Finfrock has broken ground on a new 700-bed student housing project for Florida A&M University, which will deliver two new buildings in 2020. The first phase of the $49.5 million development in Tallahassee, Fla., spanning 182,000 square feet, will include two four-story student residence buildings, each one offering 350 double-occupancy bedrooms.
Amenities of the Northern Florida buildings will include study rooms, recreation rooms, common student lounges, laundry facilities, vending areas and administrative offices. The property is located on the southern end of campus, near South Martin Luther King Jr. Boulevard and Osceola Street.
The U.S. Department of Education’s Historically Black Colleges and University (HBUC) Capital Financing Program backed a $125 million loan for the new residence hall and dining facility and to refinance existing housing debt, according to a report by FAMU Forward. Current residence halls Palmetto North, Truth Hall and Paddyfote will be decommissioned when the new property opens.
Finfrock is using a unique project delivery method involving offsite construction to complete the development, as well as all-concrete structures that it says will improve durability and curb maintenance costs. Last year, the company delivered The Village, a $134 million student housing project accommodating more than 2,150 students for the University of South Florida.
Finfrock is also working on Lake House, a 252-unit waterfront apartment community in Orlanda, Fla., in concert with Sumitomo Corp. of Americas and OneEleven Residential. The joint venture bagged $60 million in financing for the development in January.