Balfour Beatty Campus Solutions, a leading developer and operator of infrastructure projects for the college and university market within the US, along with Provident Resources Group, announced that construction has begun on the first phase of a dynamic mixed-use project for the University of Oklahoma. The $194m (c. £149m) project will expand the university’s options for on-campus living for students as part of a public-private partnership.
Located on more than 10 acres in the southern sector of the University of Oklahoma’s campus in Norman, the development will introduce a vibrant, mixed-use experience for both residents and the broader campus community. The project scope includes four distinct mid-rise buildings that will deliver 1,231 student beds, as well as more than 40,000 square feet of integrated dining, shopping, entertainment, fitness, academic and co-curricular spaces, and a parking garage with capacity for 1,000 vehicles.
JE Dunn Construction’s Oklahoma City office leads the project’s design/build team, in collaboration with Clark Nexsen of Charlotte, NC and Studio Architecture of Oklahoma City. RBC Capital Markets is the financial underwriter for the project.
Construction of the project is expected to be completed in August 2018 in preparation for the 2018-2019 academic year. The housing component will be jointly operated and managed by the university and Balfour Beatty Communities.
Nick Hathaway, the University of Oklahoma’s Executive Vice President and Vice President for Administration and Finance, said:
“Together with the new Dunham and Headington Residential Colleges, this project is going to establish an exciting, new, engaging on-campus living experience at the University of Oklahoma. Dunham and Headington Colleges will be over 95 percent full on day one. There is great demand to live on-campus at the University of Oklahoma and this project will make it even more exciting for students. This dynamic public-private partnership allowed the university to build these exciting new high quality student facilities with great attention to cost reduction.”
Josh Smith, Senior Vice President for Balfour Beatty Campus Solutions, said:
“This project is a strong example of how public-private partnerships continue to evolve, as we believe it is one of the first comprehensive living community developments to be delivered through the public-private model. Our team is thrilled to be working with the University of Oklahoma to fulfill their vision and shape an outcome that reinforces the campus’ position as a residential university and expands on-campus housing with a state-of-the-art option for students.”
Steve Hicks, Chairman and CEO for Provident Resources Group, said:
“Provident is very pleased to be the University of Oklahoma’s partner on the project – the university’s first public-private partnership project located on the Norman flagship campus. Through Provident Oklahoma Education Resources, Provident’s subsidiary, we will be able to serve many of the university’s capital project needs for many years to come. The University of Oklahoma’s commitment to serving its students through the project is to be applauded. Balfour Beatty and RBC Capital Markets did an outstanding job for both the University of Oklahoma and Provident in bringing the project financing to completion.”
Media enquiries:
Maureen Omrod
Balfour Beatty Campus Solutions
610.355.8136
momrod@bbcgrp.com
