Fort Lauderdale-based Stiles has secured acquisition and construction financing to create Nova Southeastern University’s new 75,000-sq-ft Student Educational Center in Palm Beach Gardens.
The company was set to break ground in February and is targeting completion by January 2011.
Stiles invested a year in due diligence, negotiation and entitlements prior to closing on the land. City National Bank of Miami supplied the financing. Stiles purchased the site for $7 million based on NSU’s commitment to buy the land and building on completion of the Student Educational Center.
Stiles’ development team secured entitlements for two mirror-image 75,000-sq-ft office buildings originally planned for the site and a parking garage. The first phase–the four-story Student Educational Center–is a Class A building featuring 26 classrooms, four labs, student lounge, fitness area, pharmacy, library and offices. Stiles will design the improvements, construct the building and handle site improvements.