May 17 2010
On April 21, 2010, Balfour Beatty Campus Solutions, LLC (BBCS), a subsidiary of Balfour Beatty Capital Group, Inc., in partnership with Capstone Development Corp. (Capstone), participated in a groundbreaking ceremony commemorating the beginning of a new on-campus student housing community at Florida Atlantic University (FAU). 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 development and management functions of the Public-Private Partnership project will be performed through joint ventures between affiliates of BBCS and Capstone. The student housing community will be constructed by Balfour Beatty Construction, LLC and designed by PGAL (Pierce Goodwin Alexander & Linville). To help fund project costs, Balfour Beatty Capital, Inc. (BB Capital), 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.
The Innovation Village Apartments will provide 1,216 beds for upper-division undergraduate and graduate students on FAU’s main campus in Boca Raton, Florida.
Groundbreaking for on-campus student housing at Florida Atlantic University's Innovation Village.
The $123.0 million project revitalizing student living on the FAU campus will be delivered for occupancy in August 2011, prior to the commencement of the 2011 academic year.
“We are happy to be developing this student housing project for Florida Atlantic University with Capstone, as the school looks to continue its transformation to a traditional university campus,” said Bruce Robinson, President and CEO, Balfour Beatty Capital Group, Inc. “The ability of Balfour Beatty Campus Solutions to utilize affiliated companies, such as Balfour Beatty Construction, ideally positions our team to help FAU build for the future.”
Sandy Hill, Senior Vice President for Capstone On-Campus Management, described the management style as one that will be a “close collaboration that will work well for the University, for Capstone and BBCS, but most importantly, for the FAU students who will call campus, home. The FAU Housing Department will continue to provide the best in the Residential Life program to all who live on-campus, while Capstone / Balfour Beatty will be responsible for the facilities and financial oversight.”
The housing will include a unit mix of two and four bedroom / two bathroom apartments. The apartments will be fully furnished and feature kitchens equipped with Energy Star appliances, cable TV and access to FAU’s network through wired and wireless high-speed internet access.
The development, designed to achieve LEED Silver certification, will consist of a seven-story building and an eight-story building, together totaling 489,000 square feet. The two buildings will be connected by a courtyard area with green spaces, an outdoor pool, and sand volleyball court. Other community amenities will include a fitness center, convenience store, computer lab, and multipurpose meeting areas.
Source: http://www.bbcgrp.com/