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Second phase of comprehensive Public-Private Partnership will include acquisition of campus-adjacent land and construction of a new 500-bed facility as well as renovation of an existing 80-bed facility
Dallas, Tx --- July 14, 2014 --- Balfour Beatty, an infrastructure group operating in construction services, infrastructure investments, and professional and support services, announced it has reached financial close for a second phase of development on a comprehensive student housing project at Tarleton State University, a member of The Texas A&M University System. In this $38M phase of the partnership Balfour Beatty will construct a new 502-bed student housing facility and renovate an existing 80-bed facility for the University’s Stephenville, Texas campus. The company also helped the University acquire two parcels of land adjacent to the campus where the new construction will be sited.
Balfour Beatty Campus Solutions, a developer and operator of infrastructure projects for the college and university market, will again serve as the lead developer on the project, which is scheduled to break ground later this month and open in August 2015, and Balfour Beatty Construction, based in Dallas, Texas, will again perform as the construction partner on the project.
“I have been very impressed with BB’s handling of our fast track projects. Our housing program is somewhat complex given the limited site options, financing through a third party, the purchase of land, and meeting additional requirements of the A&M System. They have handled and continue to handle all challenges extremely well,” stated Tye Minckler, vice president for Finance and Administration for Tarleton State University.
“We are very pleased to continue our relationship with Tarleton State University and help them further develop their campus infrastructure to meet the needs of their expanding student body,” said Bob Shepko, president of Balfour Beatty Campus Solutions. “The first phase of our student housing project at the University has progressed remarkably well and I’m certain the new facility will be well-received by the students set to move in this August. Our team is looking forward to getting started on this second phase and delivering an equally impressive result.”
The new housing facility, designed by BOKA Powell Architects, will consist of a single four story structure with both four and two-bedroom units in a modified suite configuration that will include private bedroom accommodations, semi-private baths, a living room and kitchenette. In addition to the construction of the new facility, Balfour Beatty will also renovate an existing off-campus student housing facility known as University Village, which was acquired as part of the transaction. Renovations to the 80-bed facility will include minor upgrades to allow for ADA compliance. Upon completion, the University will operate and maintain both facilities including management of all associated resident life activities.
Both phases of the student accommodation project with Tarleton State University are being financed through a Public-Private Partnership model using an issuance of tax-exempt bonds underwritten by RBC Capital Markets. The project will be owned by an affiliate of Collegiate Housing Foundation, a national 501(c)(3), under a 32-year ground lease with the University.