Balfour Beatty Campus Solutions, part of London-listed developer Balfour Beatty, has reached financial close on a mixed-use housing and retail development project at the University of Texas (UT) in Dallas.
The company, which is headquartered in Pennsylvania and focuses on infrastructure projects for colleges and universities, will design, build, finance and operate the new community, which will include mid-rise apartments, townhomes, shops, restaurants and entertainment venues on a 13 acre tract of land. The development will be located near the proposed site for a future Dallas Area Rapid Transit (DART) rail station. DART serves Dallas and 12 surrounding cities.
Expected to cost about $54 million, the project is being delivered as a public-private partnership (PPP; P3) in collaboration with commercial developer Wynne/Jackson. Balfour Beatty Construction will lead the design/build team.
“Northside at UT Dallas is essential to support the tremendous growth our campus has experienced,” said Calvin Jamison, vice president for administration at UT Dallas. “Over the past seven years, our enrollment has increased from 14,500 to more than 23,000 students.”
Upon completion – expected in August 2016 – the housing will be operated by Balfour Beatty Communities, the company’s real estate services company. SRS Real Estate Partners will market the retail space.
Other projects Balfour Beatty Campus Solutions has developed include housing developments at Florida Atlantic University, the University of Iowa and the University of Nevada.