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Balfour Beatty is part of a development and management team to design, build and operate the accommodation, which will consist of 1,216 beds in 375 units on the university’s main campus in Boca Raton, Florida. The apartments are expected to be available for occupancy from August 2011.
Balfour Beatty will invest equity of approximately US$3.4 million into the 30-year concession.
Commenting, Balfour Beatty Chief Executive, Ian Tyler said: "We are delighted to have exchanged contracts on this project and look forward to expanding the on-campus accommodation options for students at Florida Atlantic University. Balfour Beatty is helping colleges and universities to meet the demand for current and future students. In addition to our financing capabilities and experience in PPP, we have a wealth of experience in student housing development, construction and management."
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Balfour Beatty will build a mix of two, three, and four bedroom apartments in a seven-storey building and eight-storey building, totalling 489,000 square feet, connected by a courtyard area with green spaces, an outdoor pool, and sand volleyball court.
Other community amenities include a fitness centre, convenience store, computer laboratory, and multi-purpose meeting areas.
The development team for the FAU student accommodation project comprises Balfour Beatty, Capstone Development Corp. and Crocker Partners LLC. Balfour Beatty is the construction contractor for the project. The management team is comprised of Balfour Beatty and Capstone On-Campus Management, LLC and FAU.
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