Vestcor to Develop Student Housing at Florida Polytechnic University

Lakeland, Fla. — The on-campus residence hall will be complete by fall 2014.

Vestcor will own lease the land
from Florida Poly on 50-year
term.
Lakeland, Fla. 
— Florida Polytechnic University has selected Vestcor Communities, a subsidiary of The Vestcor Companies, to develop its first residence hall. The university was established as its own entity in 2012. Previously, it had been a branch campus of the University of South Florida. It is the 12th campus in the Florida State system. Classes will start for the first time at the university in August 2014. There will be two colleges, offering bachelor of science degrees in six areas and master of science degrees in two areas.

Vestcor was selected among six other RFPs to be the university’s private partner to fund its housing facility, which will be a 90,000-square-foot building that will be ready by August 2014. It will contain 216 beds, most in four-bedroom, two-bath units with a kitchenette.

Florida Poly will issue a 50-year land lease to Vestcor Communities, and the company will be responsible for financing, designing, building, furnishing, operating and maintaining the facility. Vestcor will then earn a return through the collection of student rents. This financial arrangement allows the university to provide its inaugural class the option of living on-campus. According to surveys of prospective students, nearly 70 percent have expressed interest in on-campus housing, Vestcor says.

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