LAKELAND, Fla. – Florida Polytechnic University’s Board of Trustees today approved the contract for development of a 90,000-square-foot, on-campus residence hall that will include at least 216 bedrooms. The contract was awarded to Jacksonville-based Vestcor Communities, Inc., a subsidiary of The Vestcor Companies, following a formal, competitive request for statements of qualifications.
The RFQ asked companies to build the residence hall on property that will be leased from the University. As the winning bidder, Vestcor Communities, Inc., will assume full responsibility and liability for the facility. Such an arrangement, called a public-private partnership will enable the University to construct much needed student housing at a time when traditional funding sources, like bonding, are not readily available. As part of this public-private partnership, Vestcor will bear all responsibility and risk associated with financing, designing, building, furnishing, operating and maintaining the facility.
On-campus student housing helps to create an immersive academic environment and increases student retention and likelihood of achieving success, particularly in rigorous academic programs. Nearly 70 percent of the almost 1,400 students who have applied to Florida Poly have expressed interest in on-campus housing.
