Balfour Beatty Uses PPP for $123M FAU Student Housing Project
Balfour Beatty Capital Group has entered into a public-private partnership with Florida Atlantic University for the development and management of new student residential facilities. The new facilities will contain 1,216 beds located on FAU’s Boca Raton campus. The development and management functions will be performed through joint ventures between affiliates of Balfour Beatty Campus Solutions and Capstone Development Corp. In addition, Balfour Beatty Capital has invested in the project through the purchase of $3.4 million of tax-exempt bonds.
The $123-million student housing community will be constructed by Balfour Beatty Construction and designed by PGAL. The project is being financed through the issuance of a combination of tax-exempt and Build America bonds issued by The FAU Finance Corp. Financing was finalized in March, and the facilities are scheduled for completion by August 2011.
The development will consist of seven- and eight-story buildings totaling 489,000 sq ft and will include two-, three- and four-bedroom apartments.