Project Developer – CDS Holding – with the support of CDS Living has obtained a building permit for Student Residence Novoli – a new 400-unit purpose-built student accommodation (PBSA) scheme in the Novoli district of Florence. The land plot was bought from Immobiliare Novoli on 30 July 2021. Construction will start at the beginning of September 2021 and the opening expected in September 2023. The investment volume is €45m.
The site has a prominent location adjacent to the new university campus Novoli, a vibrant urban environment which offers a large, ten hectare public park. The nearby tram takes students to centro storico in 10 minutes.
The six floor Student Residence Novoli will provide a mix of fully equipped, modern-style single studios, ranging in size. There will also be a wide range of state-of-the-art amenities – including a reception, lounge areas, communal kitchens, gym, cinema, study and games rooms, a fully landscaped courtyard garden with outdoor seating, and an outdoor pool on the spacious rooftop terrace.
Florence is a key Italian hub for higher education with an ever-growing domestic and international student population of c.62,000 students – of which c.23,400 are mobile, seeking outstanding education and good quality student living. Florence is also facing a dramatic undersupply of purpose-built student accommodation with only four beds available for every 100 students. Current stock is mainly in worn condition and doesn’t meet the requirements of today’s students and is predominantly only accessible for students with low family income or scholarships.
Florence, like all other Italian university cities offers very strong market fundamentals in the PBSA sector – with high occupancy rates and attractive rents. The new Student Residence Novoli with its prominent location and high amenities provision will match the severe demand of young people looking to live, work and play in a modern and international environment.
CDS Living was founded in 2018 (under the name Co-Living Italy) by Jerry Boschi and Burkhard Hoffmann and renamed after CDS Holding became an additional shareholder in 2020. The company focuses on sourcing and developing Student Residences in Italy, and CDS Living is well on its way to becoming one of the most recognised Italian Student Housing Developers. More Residences are in an advanced development phase and will be realised in the near future.