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Public‐private partnership enhances university experience with delivery of new student residential facilities
Newtown Square, PA and Birmingham, AL – September 1, 2011 – On August 18, 2011, Balfour Beatty Campus Solutions, LLC, a subsidiary of Balfour Beatty Capital Group, Inc., and Capstone Companies (Capstone) joined the department of housing and residential life of Florida Atlantic University (FAU) for a ribbon‐cutting ceremony marking the opening of a new on‐campus student housing community at FAU’s Boca Raton campus. The Innovation Village Apartments were developed in a joint venture between Balfour Beatty Campus Solutions and Capstone, employing a public‐private partnership model to develop and manage the project. The new student residential facilities are part of “Innovation Village,” a recreation, residential and retail initiative designed to enhance the traditional university experience at FAU. The Innovation Village Apartments provide 1,216 beds for upper‐division undergraduate and graduate students at the start of the fall semester.
The student housing community was constructed by Balfour Beatty Construction, LLC and designed by PGAL (Pierce Goodwin Alexander & Linville) Architects. To help fund project costs, Balfour Beatty Capital, Inc., also a subsidiary of Balfour Beatty Capital Group, Inc., purchased $3.4 million of tax‐exempt bonds issued by FAU Finance Corporation, a direct service organization formed on behalf of FAU.
A joint venture of Capstone On‐Campus Management and Balfour Beatty Campus Solutions, led by Capstone On‐Campus Management, will oversee with FAU management of the Innovation Village Apartments, as well as the existing student housing facilities on FAU’s Boca Raton campus. FAU is taking primary responsibility for leasing, marketing, student programming and residential life, while the joint venture companies are primarily responsible for budgeting and physical operations.
“We are very excited to deliver this new student residential community for Florida Atlantic University’s students, in conjunction with FAU, Capstone and our partners,” said Rick Taylor, President, Balfour Beatty Capital, Inc. “The public‐private partnership model offers an effective solution for higher education institutions that are looking to bridge the gap between capital plans and the resources needed to execute those plans and deliver the infrastructure needed for long term success, especially given the current economic challenges. The instant network that Balfour Beatty Campus Solutions brings to the table, from development and construction to management and operations, positions our team to support FAU from start to finish.”
“The new Innovation Village Apartments go a long way to enhance the traditional university experience for our students,” said FAU President Mary Jane Saunders. “Our successful partnership with Balfour Beatty Campus Solutions and Capstone, made this project a reality. From start to finish, the partnership has provided the funding, development, construction and management capabilities needed to deliver this much needed infrastructure to the FAU community. We look forward to continuing our relationship as we work together to manage campus housing facilities.”
“Capstone has had the opportunity to partner with over fifty universities on new housing initiatives, and this FAU initiative has been one of our most enjoyable and successful collaborations,” said Jeff Jones, Executive Vice President for Capstone Development. “Innovation Village Apartments is one of the finest residential communities of its kind in the U.S., and the Capstone Companies, together with our friends from Balfour Beatty Campus Solutions, look forward to a long and productive association with FAU, assisting in any way we can in the growth and enhancement of the University’s housing program.” Accelerated construction on the $123 million project began in March 2010, and was delivered according to schedule for the start of the 2011-2012 academic year. The housing includes a unit mix of fully furnished two and four bedroom / two bathroom apartments, featuring kitchens equipped with Energy Star appliances, cable TV and access to FAU’s network through wired and wireless high‐speed internet. The development, designed to achieve LEED Silver certification, consists of a seven‐story building and an eight‐story building, together totaling 489,000 square feet. The two buildings are connected by a courtyard area with green spaces, an outdoor pool, sand volleyball court, BBQ grills, and outdoor seating. Other community amenities include a fitness center, convenience store, computer lab, smart technology conference rooms, and multipurpose meeting areas.