Balfour Beatty Campus Solutions LLC, a leading developer and operator of infrastructure projects for the college and university market, announced today that it has reached financial close on a new graduate student housing project at the University of Iowa. Balfour Beatty and its partners will design, build, finance, own and operate the $31 million development, which is scheduled to break ground later this month and open in August 2014.
Located on west campus, the development will include 270 one and two bedroom units targeted at Iowa’s more than 9,500 graduate students, as well as faculty. The new facilities will consist of five, three-story buildings totalling 265,600 square feet. Additionally, a separate one-story community center totalling 5,400 square feet will be built to house the property management offices and common spaces for resident use, including a fitness center, laundry facility, multipurpose space and access to the campus shuttle service. The new housing will replace 240 units of the Hawkeye Court complex built in the 1960’s which will be demolished to make way for the new development.
The project is being designed by Solomon Cordwell Buenz and Associates and will be built by Balfour Beatty Construction. Balfour Beatty Communities will operate and maintain the completed property and form a governance committee with Iowa to ensure alignment of operational policies. Iowa will assist in marketing the project and the provision of security services.
Structured as a Public-Private Partnership, Balfour Beatty Campus Solutions will manage the financing and ongoing operations of the project through a 40-year ground lease.
“The Iowa staff and administration have been incredible partners and we are very excited about this project and the opportunity to deliver a new and revitalised housing option to the graduate student community,” said Bob Shepko, President of Balfour Beatty Campus Solutions. “The finished product will be one that delivers first-rate design and considerable value for the students’ rental dollars.”
Balfour Beatty Campus Solutions
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Notes to editors:
1. Balfour Beatty Campus Solutions LLC provides development, asset/property management, and other real estate services to colleges, universities, and their affiliated entities with a special focus on projects utilising a Public-Private Partnership model. The company offers an alternative solution for higher education institutions to finance and execute their necessary capital plans, including academic facilities for faculty, classrooms and labs, athletic spaces, wellness centers and student housing.
Balfour Beatty Campus Solutions is part of Balfour Beatty Investments, a global company focused on financing and operating the vital assets that enable societies and economies to grow: roads and railways, tunnels and bridges, health and education facilities, power and water systems, places to live and places to work—the infrastructure that underpins progress. Balfour Beatty Investments is a division of Balfour Beatty plc, a UK-based international infrastructure group operating in construction services, professional services, support services and infrastructure investments.
2. An industry leader for more than 80 years, Balfour Beatty Construction provides general contracting, at-risk construction management, and design-build services for a wide variety of markets, serving clients in both the public and private sector. With more than 2,400 employees across the U.S., the company has been cited as a Top 10 Green Builder by Engineering News-Record, and as one of the 100 Best Companies to Work For® by FORTUNE magazine, four years in a row. The company is part of London-based Balfour Beatty plc, a global infrastructure services business operating in more than 80 countries, with a worldwide commitment to providing assets that help societies function, develop, and thrive. To learn more about the company, visit www.balfourbeattyus.com.
3. Balfour Beatty (www.balfourbeatty.com) is an international infrastructure group that delivers world class services essential to the development, creation and care of infrastructure assets; from finance and development, through design and project management to construction and maintenance.
Our businesses draw on more than 100 years of experience to deliver the highest levels of quality, safety and technical expertise to our clients principally in the UK, the US, Southeast Asia and the Middle East. We continue to develop our business in key growth markets in South Africa, Australia, Canada, Brazil and India.
With proven expertise in delivering infrastructure critical to support communities and society today and in the future, our key market sectors include transportation (roads, rail and aviation), power and energy, mining, water and social infrastructure such as hospitals and schools.
Balfour Beatty employs 50,000 people around the world