Florida Atlantic University in Boca Raton is borrowing $117.75 million for a 204,000-square-foot building to house students. The seven-story project is being designed by HKS Architects. A contractor has not been chosen.

The project will be financed with 30-year, fixed-rate, tax-exempt debt. It is estimated the project will break ground in December and be open in time for the fall 2026 semester.

At $160,000 per bed, the price is considerably higher than most college housing developments. The national average per bed is under $100,000.

FAU has 30,000 students at its six campuses, 5,000 of whom live in on-campus student housing at the Boca Raton campus. In addition to Boca Raton, FAU has satellite campuses in Dania Beach, Davie, Fort Lauderdale, Jupiter, and Fort Pierce. The university, founded in 1964, is a member of the State University System of Florida.