$236M West Palm Beach Bond Issue to Fund 25-Story College Dorm
Construction begins this summer and will add nearly 1,000 beds in 275 units
By Jeff Ostrowski June 26, 2025 5:15 pm
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Palm Beach Atlantic University is using nearly $236 million in county bonds to build new dorms on its 20-acre campus in Downtown West Palm Beach, Fla.
Development firm Gilbane will build the 25-story building at the intersection of Acacia Road and Dixie Highway with 990 beds in 275 units, according to bond documents. The 319,000-square-foot tower will also include a 28,000-square-foot dining hall, a 14,000-square-foot fitness center and a nine-story parking garage with more than 700 spaces.
The high-yield bonds were issued by Palm Beach County on behalf of Provident Resources Group, an organization that specializes in student housing. The deal includes $212.7 million in senior revenue bonds and $23.1 million in subordinate bonds. Both series will include securities with a 40-year term.
Construction is scheduled to begin this summer, with completion targeted for the August start of the 2027-2028 academic year, according to a news release from Gilbane.
The project has faced some opposition. West Palm Beach Mayor Keith James called the 11-story parking structure originally planned as part of the tower a “monstrosity,” according to the Palm Beach Post. James said in an April news release that he had persuaded the university to slim down the parking garage to “a height not to exceed seven stories.” However, June bond documents describe a nine-story garage.
A private Christian university, Palm Beach Atlantic’s enrollment includes 2,600 undergraduates, more than half of whom live on campus. The school also counts 800 graduate students and 700 non-degree students, according to bond documents.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
