Crimson Crossing at Florida Tech

Growing housing for a growing university

Florida Institute of Technology, on Florida's Space Coast in Melbourne, has seen enrollment demand outpace its on-campus housing supply. To close the gap, the university turned to a public-private partnership with Madrone Community Development Foundation serving as the project's nonprofit owner.

The result is Crimson Crossing: a six-story residential community of approximately 212,000 square feet at Babcock Street and University Boulevard, adding 553 beds — an increase of more than 25 percent — with courtyards, lounge and study spaces, a café, fitness facilities, and apartment-style units. The approximately $96 million project opened to students in August 2026.

The structure

The project was financed through educational facilities revenue bonds issued by the Capital Trust Authority, with proceeds loaned to Madrone – Florida Tech Student Housing I, LLC, a single-purpose subsidiary of Madrone Community Development Foundation. The structure preserves the university's debt capacity while delivering housing at the pace its enrollment requires. Servitas served as developer, with CBG Building Company as builder.

Highlights

• Six-story residence hall of approximately 212,000 square feet — an approximately $96 million project
• 553 new beds — a 27 percent increase in the university's housing supply
• Financed with tax-exempt educational facilities revenue bonds
• Nonprofit ownership through a Madrone single-purpose entity
• Opened to students in August 2026