Infrastructure projects developer Balfour Beatty Campus Solutions has reached financial closure on a mixed-use student housing project at Bowie State University (BSU) in Maryland, the US.
As part of the public-private partnership (P3) project, the company is delivering an on-campus housing community featuring an entrepreneurship centre designed to accommodate business organisations run by the university.
With regard to the planning and design of the community and entrepreneur centre, Balfour Beatty Campus Solutions, architect Design Collective and builders Balfour Beatty Construction and Smoot Construction, collaborated with BSU and Maryland Economic Development Corporation (MEDCO).
Construction of the 170,000ft² development started last month, with the opening set to take place next year.
The project will bring 557 beds to the campus and will offer amenities such as lounges, flexible classroom space, a fitness centre, laundry facilities, community kitchens and parking.
Balfour Beatty Campus Solutions president Bob Shepko said: “Our partnership with BSU is a perfect example of the innovation that a P3 solution can bring to universities and their students.
“This partnership allows the university to support their growing student body with much-needed modern housing options and provides a dedicated place for the creative leaders of tomorrow to develop their knowledge and skills as they prepare to enter the business world upon graduation.”
In addition, the development will become the main hub for BSU’s Entrepreneurship Academy. It will also house the Bowie Business Innovation Center (BIC).
The design includes offices, multipurpose rooms, a maker space and conference rooms.
MEDCO will issue project-based, tax-exempt debt financing for the project and will be its residential facility owner. Bowie State University will manage the housing community upon completion.