BALFOUR BEATTY TO BUILD $31M UI GRADUATE HOUSING

IOWA CITY, IOWA — Balfour Beatty Campus Solutions LLC has agreed to design, build, finance, own and operate a $31 million housing property for graduate students at the University of Iowa in Iowa City. The new student housing will replace the current Hawkeye Court complex, which was built in the 1960s. Located on west campus, the development will include 270 one- and two-bedroom units targeted at Iowa’s more than 9,500 graduate students, as well as faculty. The new facilities will consist of five, three-story buildings totaling 265,600 square feet. Additionally, a separate one-story community center totaling 5,400 square feet will be built to house the property management offices and common spaces for resident use, including a fitness center, laundry facility, multipurpose space and access to the campus shuttle service. The project is expected to break ground later this month and open in August 2014. Structured as a public-private partnership, Balfour will manage the financing and ongoing operations of the project through a 40-year ground lease.