JV Raises $240M for Palm Beach College Housing Project

Gilbane, in partnership with Palm Beach Atlantic University (PBA), has reached financial close of a $240 million public-private partnership (P3) project that will help address the area’s need for more student housing. This initiative will bring a 25-story, mixed-use student housing residence hall with 275 apartments to the intersection of Acacia Road and Dixie Highway in downtown West Palm Beach. Approved by the Palm Beach County Board of Commissioners, the project is funded through bonds issued by Palm Beach County and secured by the project’s revenues, ensuring no taxpayer dollars are utilized.

Gilbane will lead the design, construction, and financing of the mixed-use student housing development on land owned by PBA. The 319,000-square-foot tower will include 990 apartment-style beds across 275 units. Additional facilities include a 28,000-square-foot dining hall, 14,000-square-foot fitness center and student recreation center, 8.5-level parking garage with 704 spaces, and over 230 bike and e-bike stalls.

Urban Design Studio, Shutts & Bowen, and Kimley-Horn also played key roles in advancing the project.