Have you heard? The University of Central Florida is coming to downtown Orlando. With that news, many are curious about what that means for homeowners or people looking to buy in the area.
Downtown Orlando has a lot to offer. You might enjoy lunch at The Rusty Spoon or have a slow art day at the Orlando Museum of Art. Orlando really has is all from arts & culture to world class restaurants, and more. However, one thing that Orlando has not had much of recently is available housing, especially for students. But that's all about to change with the upcoming developments planned by the University of Central Florida.
The UCF Downtown Campus
If you're curious about what the new campus will look like, head over to the college's official website where they have it all laid out. According to UCF, the project is scheduled to open in late 2019.
The opening of such a large campus means that Downtown will experience the infusion of almost 8,000 students. This expectation has been the catalyst to a proposed billion-dollar mixed use creative village concept as part of a new "live, work, learn, play" lifestyle. The project is underway and has already summited investments of $500 million as of early 2018. The idea is that the school will create an anchor for the burgeoning Florida tech community by generating the intellectual capital companies need to succeed.
One of the key elements of the strategy is the generation of new student housing. There's a tower going up that will include 600 student beds along side major educational facilities. There's also plenty of parking planned to accommodate the influx of student vehicles.
An Opportunity for Growth
Good news for homeowner's! No matter the amount of student housing that comes with the new campus, or towers that are built in the new future, a study by Duke University has shown that the addition of higher education institutions, correlates with property value increases near the university.