The University of Tampa is seeking up to $150 million in bond financing for a student housing development planned at 110 South Boulevard, providing the first public indication of the project’s financial scale.
Tampa City Council is scheduled to consider a resolution June 18 authorizing the Florida Local Government Finance Commission to issue bonds for a project that would include 238 units, 833 beds, ground-floor dining and student services. The approximately 11-story development would total about 200,000 square feet.
The project received council approval in March and is being planned in partnership with student housing developer RISE. It would redevelop a site previously approved for a 23-story apartment tower that never moved forward.
During the March hearing, University of Tampa Assistant Vice President Scott Gosen said the project was needed because private developers had not produced enough affordable housing options for students.
“Unfortunately, the private market refuses to build affordable student housing for our students,” Gosen told council members.
University officials said students living in campus housing pay about $800 per bed during the academic year, compared with roughly $1,600 a month for many off-campus apartments.
Bond proceeds could be used for construction, reserves, capitalized interest and issuance expenses. Because the project is located within Tampa, council approval is required before the financing can proceed. The city would have no financial responsibility for the debt, according to the resolution.
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