Florida Gulf Coast University buys student housing land

BUYER: Florida Gulf Coast University Board of Trustees, Fort Myers

SELLER: Towne Place UCA LLC

PROPERTY: a portion of College Club Loop west of Ben Hill Griffin Parkway, Fort Myers

PRICE: $8 million

PREVIOUS PRICE: $3.98 million, December 2005

LAW FIRM ON DEED: Conroy Conroy & Durant PA, Naples

PLANS, DESCRIPTION: Florida Gulf Coast University purchased 24.5 acres behind its West Lake Village apartment complex for $8 million.

The price equated to $326,531 per acre.

The university purchased the property, located two miles north of its campus, to eventually develop additional student housing.

“We are probably looking at doing this over the next five to 10 years,” says Dr. Joe Shepard, vice president for administrative services and finance. “Bed-wise we will probably be able to put 1,100 to 1,500 students there.”

Shepard hopes to start the first building in the next two to three years.

The Florida Gulf Coast University Board of Trustees mortgaged the property to the former owner, Town Place/UCA LLC, for $3 million.