Stiles to Develop and Construct NSU's Expanded Student Educational Center in Palm Beach County

Jan. 15, 2010 - PRLog -- Developer Moves Ahead Despite Finance-Squeezed Market

   FORT LAUDERDALE, Fla. –Stiles has secured acquisition and construction financing to create Nova Southeastern University’s (NSU) new 75,000-square-foot Student Educational Center in Palm Beach Gardens.  The complex build-to-suit development is an example of Stiles’ ability to move a stalled project forward with a comprehensive in-house team and strong lender relationships.
Stiles will break ground in February for the NSU Student Educational Center on a site designed to accommodate the University’s continuing growth in Palm Beach County.  The facility is to be completed by January 2011 and is located at Military Trail and Interstate 95 in Palm Beach Gardens.  
Stiles invested a year in due diligence, negotiation and entitlements prior to closing on the land.  City National Bank of Miami, which has funded several successful projects with the full-service developer, 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-square-foot 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, including four labs, plus a student lounge, fitness area, pharmacy, library and offices. Stiles will design the improvements, construct the building and handle improvements for the entire site. The new building will replace NSU’s current 60,000-square-foot facility on RCA Boulevard in Palm Beach Gardens.  
“We’re proud to partner with NSU by providing a turnkey solution that will create the Student Educational Center within a prime site,” said Terry Stiles, chairman and CEO of the Fort Lauderdale-based Stiles commercial real estate firm.  
“This new larger building will allow us to expand our academic programs in Palm Beach County and help meet the higher education needs in the area,” said NSU President Ray Ferrero, Jr.   “The Stiles team supports that goal with a comprehensive approach and strong track record.”
 NSU’s Student Educational Center in West Palm Beach currently has more than 1,400 students enrolled and offers undergraduate and graduate degrees in programs including pharmacy, business, education, mental health counseling and school psychology.  NSU has had a presence in Palm Beach County for more than 35 years.
The Stiles organization has also been active in the county for decades, and is increasing its Palm Beach County market presence with added staff and new contracts.  The firm recently was engaged to provide leasing and management of the 99,395-square-foot Courthouse Commons office building adjacent to the Palm Beach County Courthouse, and for client Prudential Real Estate Investors is leasing and managing retail centers in Boynton Beach, western Boca Raton and Greenacres.  

About Stiles Corporation:  Stiles is a full-service commercial real estate firm with a clear mission: Invest, Build and Manage.  The company’s services include acquisitions, financing, development, design, construction, repositioning, realty, leasing and property management.  Headquartered in Fort Lauderdale, the company has additional regional offices in Miami, Tampa, Ft. Myers and Orlando, Florida. For more information, please visit www.stiles.com or call 954-627-9300.

About Nova Southeastern University:  Situated on 300 beautiful acres in Davie, Florida, Nova Southeastern University is a dynamic fully accredited institution dedicated to providing high-quality educational programs of distinction from preschool through the professional and doctoral levels.  NSU has more than 28,000 students and is the sixth largest not-for-profit independent institution nationally.  The university awards associate’s, bachelor’s, master’s, specialist, doctoral and first-professional degrees in a wide range of fields, including business, counseling, computer and information sciences, education, medicine, optometry, pharmacy, dentistry, various health professions, law, marine sciences, early childhood, psychology and other social sciences.  For more information visit: www.nova.edu.

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