University Bridge Residences Announces The FIU-Adjacent Development Will Now Be Retained As Rentals

University Developments has announced that its 20-story student housing tower University Bridge Residences, adjacent to Florida International University (FIU), will now be rentals instead of sold as a condominium as originally planned.  
 
A strong rental market for student housing combined with recent changes in United States tax legislation made retaining the unique asset incredibly compelling. University Developments has been processing its building permits since the fourth quarter of 2017 and expects to be able to break ground this spring. Delivery of the building is on its original schedule, anticipated in time for the 2020-21 academic year.
 
“Despite very impressive sales in an overall difficult condominium market, we have made the decision to retain this asset instead of selling it off to individual buyers,” said Brian Pearl, Principal of University Developments. “Cervera Real Estate, our exclusive broker, has done an amazing job, realizing more than 150 unit sales in the past six months. We were certainly on track on our projections, however, the option of retaining the asset is clearly the better scenario for us in the long-run.”
 
“We understand that developers have to make the best financial decisions available to them,” said Alicia Cervera Lamadrid, Managing Partner and Principal of Cervera Real Estate. “While we are disappointed that the units will not be sold as condominiums, especially with the tremendous response that we saw from both buyers and brokers, we are glad to see the project still going ahead and filling the obvious need in the marketplace for student housing. I am very proud of our sales team and thankful to the visionary brokers who have proven the viability of this concept here in our growing city. We are actively working to find alternative opportunities for their buyers given the change in the project’s status.”
 
“We have had a highly productive experience with Cervera and plan to work with them again and again,” concludes Pearl. “It is a rare opportunity where an asset is viable as both a sale and a rental, but the opportunity to retain the asset was the deciding factor.”

University Bridge Residences is being developed by University Developments, a partnership between Miami-based Global City Development, Toronto-based Reichmann International and Toronto-based Podium Developments. University Bridge Residences is bing designed by architecture and interior design firm Arquitectonica and will rise 20 stories and offering 492-units. 

Check out the renderings of the Arquitectonica-designed tower

Photos via University Bridge Residences

University Developments Unveils The Sales Gallery At University Bridge Residences

University Developments has officially unveiled their sales gallery after hosting a celebration in honor of the milestone on December 14, 2017. More than 150 of Miami-Dade’s leading real estate brokers, VIPs and community leaders joined the development team at its unique dome-shaped, contemporary sales center in welcoming Miami’s first student housing condominium, which will be located across the street from the main campus of Florida International University (FIU). Those in attendance received the exclusive first look preview at the project’s super-sized scale model, as well as viewed renderings and floor plans through their innovative app. The sales center also highlights the refined finishes offered to University Bridge’s future student residents in the sample model residence. The sales center’s unique dome structure brings a modern, sleek, contemporary look to the City of Sweetwater’s designated ‘University City’ district.

“We are very excited to formally open our doors and welcome those interested in this unique real estate project,” said Brian Pearl, principal of Global City Development. “The sales gallery is a reflection of the project’s uniqueness and has to be experienced to understand the value proposition being offered to buyers and brokers.”

University Bridge Residences is being developed by University Developments, a partnership between Miami-based Global City Development, Toronto-based Reichmann International and Toronto-based Podium Developments. The project will serve the school’s rapidly growing student population’s housing demand. Florida International University is the fourth-largest university in the United States by enrollment, with more than 55,000 students, but only eight percent of the student body lives in college owned, operated or affiliate housing. University Bridge Residences, which is bing designed by architecture and interior design firm Arquitectonica, will rise 20 stories and feature 492-units. Each turnkey unit depicted in the interior renderings comes fully furnished offering a multitude of residential features including complete kitchens, stainless steel appliances, washer and dryer in every residence, flooring throughout, and dedicated bathroom for each bedroom. Residences come a wide array of floorplans ranging in size from 317 square feet to 1,634 square feet, including studios, one, two, three and four bedroom units, as well as three and four bedroom townhouses. Prices range from the $190,000’s to the $600,000’s. Leasing is exclusively presented by Cervera Real Estate. Amenities include a large amenity deck with a landscaped recreational area featuring a resort-style pool with beach entry and pool volleyball with lap area, cabanas, sun deck with daybeds, BBQ and dining areas. The building’s rooftop will also feature a sunset terrace complete with dining areas, large yoga lawn and performance stage. The property also serves as a direct connection with the FIU campus and will allow residents to access the campus networks and online tools as if they were on campus. The project is scheduled for completion in time for the 2020-2021 academic year.