**Gilbane and Palm Beach Atlantic University Secure $240M for Student Housing Project in West Palm Beach**
Gilbane, in partnership with Palm Beach Atlantic University (PBA), has achieved financial close on a $240 million public-private partnership (P3) aimed at addressing the growing demand for student housing in the West Palm Beach area. The project will bring a new 25-story, mixed-use student residence to the heart of downtown West Palm Beach, located at the intersection of Acacia Road and Dixie Highway.
The development, approved by the Palm Beach County Board of Commissioners, will be funded through revenue bonds issued by Palm Beach County and secured by the project’s revenues. Notably, the financing structure ensures that no taxpayer dollars are being used.
The project, which will be led by Gilbane, includes the design, construction, and financing of a 319,000-square-foot tower on university-owned land. The building will feature 275 apartment-style units accommodating 990 student beds. In addition to the residential space, the development will include a 28,000-square-foot dining hall, a 14,000-square-foot fitness and student recreation center, an 8.5-level parking garage with 704 spaces, and over 230 stalls for bicycles and e-bikes.
Other key contributors to the project include Urban Design Studio, Shutts & Bowen, and Kimley-Horn, who all played crucial roles in moving the development forward.
