BOWIE, Md.--(BUSINESS WIRE)--Balfour Beatty Campus Solutions, a leading developer and operator of infrastructure projects for the college and university market, is pleased to announce that financial close has been reached on a public-private partnership (P3) project at Bowie State University to deliver an on-campus housing community that will also feature an entrepreneurship center designed to house University-run business organizations.
Balfour Beatty Campus Solutions, along with architect Design Collective Inc. and builders Balfour Beatty Construction and Smoot Construction, collaborated with BSU leadership and Maryland Economic Development Corporation (MEDCO) on the planning and design of the new student housing community and entrepreneur center to ensure the details of the project met the University’s goals and objectives.
Scheduled to open in Fall 2021, the 170,000 SF development will bring 557 beds to the campus, as well as a variety of amenities, including lounges, flexible classroom space, a fitness center, laundry facilities, community kitchens and parking. Construction of the project commenced in February 2020.
The development will also become the main hub for BSU’s Entrepreneurship Academy, an organization that helps students develop their own business opportunities and become innovative thinkers and problem-solvers for established companies. It will also house the Bowie Business Innovation Center (BIC), the first business accelerator located at a Maryland historically black university. Offices, multipurpose rooms, a maker space and conference rooms are included in the design to support both programs.
"Our partnership with BSU is a perfect example of the innovation that a P3 solution can bring to universities and their students," said Bob Shepko, president of Balfour Beatty Campus Solutions. "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.”
MEDCO 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.
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.