Balfour Beatty exchanges contracts on Florida Atlantic University student accommodation project
04 March 2010
Balfour Beatty’s first PPP investment in United States outside military housing
Balfour Beatty, the international infrastructure group, announces that it has exchanged contracts on the US$123 million (£82 million) Florida Atlantic University (FAU) student accommodation PPP project.
Balfour Beatty is part of a development and management team to design, build and operate the accommodation, which will consist of 1,216 beds in 375 units on the university’s main campus in Boca Raton, Florida. The apartments are expected to be available for occupancy from August 2011.
Balfour Beatty will invest equity of approximately US$3.4 million into the 30-year concession.
Commenting, Balfour Beatty Chief Executive, Ian Tyler said;
“We are delighted to have exchanged contracts on this project and look forward to expanding the on-campus accommodation options for students at Florida Atlantic University. Balfour Beatty is helping colleges and universities to meet the demand for current and future students. In addition to our financing capabilities and experience in PPP, we have a wealth of experience in student housing development, construction and management.”
Balfour Beatty will build a mix of two, three, and four bedroom apartments in a seven-storey building and eight-storey building, totalling 489,000 square feet, connected by a courtyard area with green spaces, an outdoor pool, and sand volleyball court.
Other community amenities include a fitness centre, convenience store, computer laboratory, and multi-purpose meeting areas.
The development team for the FAU student accommodation project comprises Balfour Beatty, Capstone Development Corp. and Crocker Partners LLC. Balfour Beatty is the construction contractor for the project. The management team is comprised of Balfour Beatty and Capstone On-Campus Management, LLC and FAU.
The student accommodation project is the first phase of Innovation Village, a recreation, residential and retail initiative aiming to heighten students’ experience at FAU.
Balfour Beatty provides development, asset/property management and other real estate services to colleges, universities or their affiliated entities with a special focus on projects utilising a PPP/P3 model.
Balfour Beatty plc
Tel 020 7216 6865
Notes to Editors:
- Balfour Beatty specialises in partnering with US government entities and high-performing public sector firms to implement their strategic plans through a public-private partnership (PPP/P3) model. It is one of the leading providers of PPP projects in the United States with over 1,000 employees nationwide.
Balfour Beatty is responsible for the development, renovation, operation and management of military privatisation housing projects for the US Departments of the Army, Navy and Air Force. The company is a leader in the military housing PPP market and provides services to members of the US military and their families residing on or near 44 bases located in 20 states and Washington, DC.
In the accommodation sector, the company offers an alternative solution for higher education institutions which are looking to bridge the gap between necessary capital plans (academic facilities for faculty, classrooms and laboratories, athletic spaces as well as wellness centres and improved student housing) and the resources needed to execute these plans.
Balfour Beatty is also reviewing potential opportunities for new privatisation projects in the US for other educational facilities; renewable energy and social infrastructure projects such as hospitals and courthouses.
- Balfour Beatty is a world-class infrastructure group operating in professional services, construction services, support services and infrastructure investments.
We work in partnership with our customers principally in the UK, the US, South-East Asia and the Middle East, who value the highest levels of quality, safety and technical expertise.
Our key infrastructure markets include transportation (roads, rail and airports); social infrastructure (education, specialist healthcare, and various types of accommodation); utilities (water, gas and power transmission and generation) and commercial (offices, leisure and retail). We deliver services essential to the development, creation and care of these infrastructure assets including investment, project design, financing and management, engineering and construction, and facilities management services.
Balfour Beatty employs more than 50,000 people around the world.