In Public-Private Partnership, Balfour Beatty Kicks Off $123M Student Housing Project in Boca Raton
- May 17, 2010
May 17, 2010
By Barbra Murray, Contributing Editor
Newtown Square, Pa.-based Balfour Beatty Campus Solutions L.L.C. has broken ground on the $123 million Innovation Village Apartments at Florida Atlantic University in Boca Raton, Fla. In conjunction with joint venture partner Capstone Development Corp. of Birmingham, Ala., BBCS is spearheading development of the 1,216-bed project in a public-private partnership with the college.
The 489,000-square-foot Innovation Village Apartments, part of FAU’s Innovation Village residential and retail project, will take shape in the form of a seven-story structure and an eight-story structure linked by a courtyard. The complex will also feature a convenience store, a fitness center, a computer lab and meeting space. Houston-based architectural firm Pierce Goodwin Alexander & Linville is behind the design of the Innovation Village Apartments, which will qualify for LEED Silver certification.
BBCS affiliate Balfour Beatty Construction L.L.C. will perform the hands-on building work and BBCS and Capstone will take on management responsibilities pertaining to budgeting and physical operations. In an effort to assist with the financing of the project, Balfour Beatty Capital Inc., another BBCS affiliate, acquired $3.4 million of tax-exempt bonds issued by FAU Finance Corp.
The public-private partnership model is a core focus for BBCS endeavors. “P3 is very big in Europe and Canada, and we’re hopeful that it will gain more popularity in the U.S., and that governments, universities and other institutions will consider it as an alternative for their needs,” Kathleen M. Grim, Senior Vice President of Marketing and Communications with BBCS sister company Balfour Beatty Communities L.L.C., told CPE. “We’ve had great success with the P3 model in the military housing sector through Balfour Beatty Communities, and we’re pleased that FAU chose this model for their Innovation Village project.”
The development is on schedule to reach completion in August 2011, in time to accommodate housing demands for the new academic year.