Florida Institute of Technology

Melbourne, Florida

Through an in-depth public procurement process, Servitas was selected to deliver new student housing through a public-private partnership (P3) to Florida Institute of Technology (Florida Tech). The housing will include 554 beds, primarily for juniors, seniors, and graduate students, with a mix of 1-, 2-, and 4-bedroom apartment-style units. Additional amenities include a laundry facility, study rooms, a grab & go dining space, and outdoor spaces. The project is scheduled to open in Fall 2026, with pedestrian and vehicular access integrated into the design. 

The financing structure will use 100% tax-exempt debt, minimizing Florida Tech’s financial risk. The university will lease the land to a 501(c)(3) borrower, which will finance the project through municipal bonds. The borrower will own the project, and revenues will cover operational costs, with surplus funds flowing back to Florida Tech. The project costs of 86.2M,funded through bond processes, includes CAPI, and a DSRF.