Balfour Beatty Campus Solutions, a leading developer and operator of infrastructure projects for the college and university market, is pleased to announce it has reached financial close on a public-private partnership (P3) project to deliver new on-campus student housing at William & Mary in Virginia.
Construction on the over-$24-million (c.£18 million) project is scheduled to commence in July in anticipation of an opening in 2025. The project construction team includes both Balfour Beatty’s Buildings division and Kjellstrom+Lee, based out of Richmond, Virginia.
Amy Aponte, Vice President, Balfour Beatty Campus Solutions and William & Mary alumnus ’94, ’96, said: “We are delighted to work with William & Mary on this exciting renewal of on-campus housing.
“William & Mary’s leadership has been clear-eyed about the needs of their students and their goals for a more sustainable future. We hope these new communities embody the authentic William & Mary experience and that they house not only students, but also the rich diversity of thought, traditions, culture and best of what is to come for this is esteemed university.”
The project supports William & Mary’s Vision 2026 plan, which features a housing and dining master plan to position the university to meet future strategic needs. Over the course of ten years, William & Mary will renovate or replace 80% of its housing system in a complete transformation of the on-campus residential experience.
This first phase will deliver new housing for 935 students at West Woods on the west campus, as well as housing for 269 students in a new facility adjacent to Lemon and Hardy Halls along Jamestown Road. The new residence halls, configured into modern living units and community spaces, will be conditioned using geothermal heating and air conditioning, in support of William & Mary’s Climate Action Roadmap, which calls for a carbon-neutral campus by 2030. As part of the project, fossil-fuel-dependent systems in Lemon and Hardy Halls will also be transitioned to geothermal energy.
On the West Woods site, a new ~50,000 GSF dining facility will become the signature eatery on campus, offering patrons a serene dining experience nestled in the wooded site.
Jackie Ferree, William & Mary’s Interim Chief Operating Officer, said: “Balfour Beatty is the perfect partner for this complete revitalisation of the campus experience.
“Together we can accomplish something that neither of us could do on our own, and that promises to benefit generations of William & Mary students.”
Ginger Ambler ’88, Ph.D. ’06, Vice President for Student Affairs, said: “This project reflects our steadfast commitment to meeting the needs of students today and of generations to come.
“At each step, Balfour Beatty has understood the importance of keeping students at the center of this ambitious project, designing beautiful, innovative spaces that allow them to thrive in community with one another. We are thrilled to be in partnership with them.”
The project was designed by VDMO Architects in collaboration with CMTA and William & Mary leadership. Provident Resources Group (Williamsburg Properties LLC), is the project’s residential facility owner through an issuance of project-based, tax-exempt debt financing. Upon completion, the housing community will be managed by the university.
Notes to Editors:
- Balfour Beatty is a leading international infrastructure group with over 25,000 employees driving the delivery of powerful new solutions, shaping thinking, creating skylines and inspiring a new generation of talent to be the change-makers of tomorrow.
- We finance, develop, build, maintain and operate the increasingly complex and critical infrastructure that supports national economies and deliver projects at the heart of local communities.
- Over the last 114 years we have created iconic buildings and infrastructure all over the world. Currently, we are working to deliver Hinkley Point C, the first UK nuclear power station in a generation; constructing the world-class arts and cultural facility, the Lyric Theatre, in Hong Kong; and designing, building, financing, operating and maintaining the Automated People Mover superstructure at the fifth busiest airport in the world, Los Angeles International Airport.
About Balfour Beatty Campus Solutions:
- Balfour Beatty Campus Solutions, LLC provides development, asset/property management, and other real estate services to higher education with a focus on public-private partnerships that underpin the strategic vision of an institution. The company offers public-private partnership (P3) solutions for funding and delivery of capital plans, including residential, academic, administrative, and faculty offices, research, athletic/recreation, student centers, dining, parking, and infrastructure.
- Balfour Beatty Campus Solutions is part of Balfour Beatty Investments, a global company focused on financing and operating the vital assets that enable societies and economies to grow: roads and railways, health and education facilities, power and water systems, places to live, and places to work—the infrastructure that underpins progress. Balfour Beatty Investments is a division of Balfour Beatty plc, a UK-based international infrastructure group operating in construction services, support services, and infrastructure investments.
Source link:https://www.balfourbeatty.com/
