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--(BUSINESS WIRE)-- 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.
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, an 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 Services US 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 3,000 employees across the U.S., the company has been cited as a Top 10 Domestic Building Contractor and Top 10 Green Builder by Engineering News-Record. 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.
About Tarleton State University
Tarleton State University, a member of The Texas A&M University System, provides a student-focused, value-driven educational experience marked by academic innovation and exemplary service and dedicated to transforming students into tomorrow’s professional leaders. With campuses in Stephenville, Fort Worth, Waco, Midlothian and online, Tarleton engages with its communities to provide real-world learning experiences and to engage societal needs while maintaining its core values of integrity, leadership, tradition, civility, excellence and service.
Balfour Beatty Campus Solutions
Maureen Omrod, 610-355-8136
Source: Balfour Beatty