Project Overview
A significant new development project is underway near Full Sail University in Winter Park, spearheaded by Maitland-based Nvision Development. This major student housing project is situated on a previously undeveloped parcel of land located at 3714 N. Forsyth Road, conveniently adjacent to the Costco Wholesale on University Boulevard.
Property Details
The property where the development is taking place is under the ownership of Silver City Properties, which is the real estate branch of Full Sail University. The land was acquired in 1997 for a sum of $1.6 million. This strategic piece of real estate is zoned to accommodate a substantial number of student housing beds — up to 2,400, which are planned to be constructed and delivered in a phased approach.
Initial Phase
The initial phase of this ambitious project includes the construction of a 5-story building that will comprise 200 units. Plans for this phase are expected to be submitted to the relevant county authorities on November 4. Notable firms involved in the project include Charlan Brock Architects, responsible for the overall design of the project, KPM Franklin for civil engineering, and Forum Architects for interior designs.
Additional Plans
The project also encompasses future development phases which are anticipated to feature structured parking facilities to meet the needs of the residents. Moreover, Nvision has submitted an application intending to construct a pedestrian bridge across University Boulevard, linking the new student housing to other nearby areas, thereby enhancing accessibility and connectivity for the students.
Developer’s Statement
Ian McCook, the President of Development at Nvision, stated the development is primarily focused on enhancing the living experience of Full Sail students by understanding and catering to their needs. The aim is to provide a quality living environment that fosters success and convenience for the students.
Market Context
The student housing market has emerged as a pivotal sector with an impressive track record of high demand. According to Yardi Matrix, more than half of the academic institutions they track had over 95% of available student housing preleased as of October. At the nearby University of Central Florida (UCF), for instance, the off-campus student housing market consists of over 17,150 completed beds, which have witnessed a notable 9.3% increase in rent compared to the previous year.
Local Development Trends
Local developers and investors are actively expanding their interests in student housing portfolios, driven by the sector’s growing demand and favorable returns. For instance, the Orlando-based Deven Group, a subsidiary of Kajima USA and Japan’s Kajima Corp., aims to significantly escalate its student housing holdings to surpass a $1 billion valuation, representing approximately 8,000 beds over a span of three years.
Previous Proposals
It’s noteworthy that in 2019, Full Sail University was contemplating a mixed-use project, which would have included 30,000 square feet of commercial space. However, this aspect does not feature within Nvision’s current project outline.
In summary, the student housing development near Full Sail University marks a significant step in addressing the demand for student accommodations while enriching the educational experience through well-planned living spaces. The development also reflects broader trends within both local and national markets, indicating a robust and dynamic future for student housing expansions.
