Major purchase likely means increase in college tuition
By Richard Harris
Photo by Glenn Judah
PHOTO CAPTION: Flagler College recently acquired the FECI buildings at One Malaga St. The buildings will most likely become classrooms to take the strain off Kenan Hall.
Flagler College has reached a deal to purchase Florida East Coast Industries’ (FECI) 64,000-square-foot headquarters at the corner of King and Malaga Streets.
The final price tag — 60 percent of the cost of the three four-story buildings — is not being disclosed, said Flagler President William T. Abare, Jr., who added FECI was donating the other 40 percent of the cost.
With a closing date of Nov. 1, the college has already made a substantial deposit of $1.7 million. However, the remaining difference could mean debt for the college.