FCP and Mill Creek pay $25 million for lease development site to NSU in Davie

William MacDonald of Mill Creek with Alex Marshall, Esko Korhonen and Lacy Rice of FCP in front of the rendering of the Modera Academical Village project (Mill Creek Residential, FCP, Dorsky Yue International)

A joint venture between FCP and Mill Creek Residential has purchased a multi-family development site adjacent to the Nova Southeastern University campus in Davie.

Maryland-based FCP Chevy Chase and Boca Raton-based Mill Creek purchased the land at 3400 South University Drive with plans to build Modera Academical Village with 793 units and 16,000 square feet of ground-floor retail. floor, according to a press release from the seller. broker.

A partnership between Miami-based Brandon Company and NSU, through an affiliate, sold the 4.9-acre site, records show.

Manny De Zarraga and Maurice Habif led the JLL team representing the seller.

The first phase of Modera Academical Village will consist of an eight-story building with 397 units and 9,000 square feet of ground floor retail, the statement said. Construction is expected to be completed in 2024.

The second phase will consist of a 12-storey building with 396 units.

The project is part of the larger planned development of the Academic Village that will include 2.5 million square feet of commercial, residential, office, hotel and medical space, according to a press release from FCP and Mill Creek. The site is also adjacent to a 200-bed teaching hospital and a 120,000 square foot medical office.

The project is likely a bet on demand for student housing from NSU students. Such housing has caught the eye of developers, with several projects underway near South Florida colleges.

Cloisters Miami student housing near the University of Miami is set to expand as Atlanta-based Landmark Properties will develop 36 townhouses with 168 bedrooms next to the existing community at 5830 Southwest 57th Avenue in Miami. Landmark also plans to revamp The Cloisters.

Student accommodation has also seen some investment sales activity. Tailwind Group bought the 15-story Tower 109 at 737 Southwest 109th Avenue near Florida International University for $46 million in January.

South Florida’s multifamily market has also flourished due to strong demand, allowing landlords to raise rents to sky-high levels and spurring business activity.

In Davie, Coral Gables-based Circle Capital Partners paid $34.7 million for the Vue on 67th resort at 4199 Southwest 67th Avenue in August.

Comments are closed.