NEWTOWN SQUARE, PA - 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.
“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 revitalized housing option to the graduate student community”
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 totaling 265,600 square feet. Additionally, a separate one-story community center totaling 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 revitalized 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, 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.