Swanky student housing is coming to Florida International University after Toll Brothers and CanAm Capital snagged a $103 million construction loan.
The developers secured the loan from Ocean Bank on Monday to build Lapis, a 21-story luxury apartment building north of FIU at 765 SW 110th Avenue, according to a news release. It will have smart-electronic controlled access, a fitness center, business center, outdoor kitchens and a secured garage according to the release.
The loan marks a new stage for a years-long project to develop the 1.72 acre property as housing. Global City Development bought the site in January 2018 for $8 million before selling it to Toll Brothers last December for $19 million. It’s Toll Brothers’ first multifamily project in Florida, and its fourth in the nation according to the release.
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