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 and family student housing project at the University of Nevada, Reno. Balfour Beatty and its partners will design, build and finance the approximately $22 million development, which has already commenced with demolition activity and is expected to open in August 2014. The project is being designed by BLT Architects and will be built by Balfour Beatty Construction.
The development, located on Evans Avenue on the east of campus, will include 132 one- and two-bedroom units targeted at the University’s graduate students and graduate students with families. The new facilities will consist of six, three-story buildings totalling 133,000 square feet and a separate community center that will house offices and common space for resident use. University Village, which was built in 1960, consisted of 40 one-bedroom units and was the only graduate housing on the University of Nevada, Reno campus, has been demolished to make way for the new development.
Structured as a Public-Private Partnership, Balfour Beatty Campus Solutions will finance and own the complex through a 42-year ground lease from the University. The University is expected to operate and manage the facilities through their Residential Life, Housing and Food Services group.
“We are very pleased to have the opportunity to work with the University of Nevada, Reno on this exciting project,” said Bob Shepko, President of Balfour Beatty Campus Solutions. “This Public-Private Partnership will allow the University to greatly enhance and expand the on-campus housing options for their growing graduate student population while incurring no debt.”
“Our graduate students and graduate students with families have really been wanting more modern and appropriate housing,” Shannon Ellis, student services vice president, said. “We are very happy to have reached this win-win agreement with Balfour Beatty Campus Solutions and are grateful for the Regents’ approval of the ground lease.”
The University of Nevada, Reno is governed by the Nevada System of Higher Education Board of Regents, which approved the terms of the graduate student and family housing project at their Oct. 25 meeting in Las Vegas.
For more information contact:
Balfour Beatty Campus Solutions
About Balfour Beatty Campus Solutions
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 utilizing 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, Inc. 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.
About Balfour Beatty Construction
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 or look for BalfourBeattyUS on Facebook, Twitter, and LinkedIn.