Terra Group

Miami,

Student, Faculty, And Staff Housing Feasibility Study

In 2007 the Terra Group engaged B&D to evaluate the demand for student and faculty/staff housing on a downtown Miami college campus that at present did not offer housing. We were to quantify the demand and unit style/amenity preferences to accommodate the growing needs of the college. Our scope of work included: student focus groups/interviews/surveys to understand housing issues and determine preferences; an off-campus market analysis; a model to determine demand; a program of unit types and amenities; and a financial analysis to determine the project’s feasibility. Our studies determined there was sufficient demand for approximately 600 on-campus beds. The students were particularly attracted to the urban setting that also offered convenient access to educational resources and other students. We determined that it was important for this project to be ‘first to market’ to capitalize on its uniqueness, but the challenge was to strike a balance between the ever-rising construction costs and affordable rent levels.