Balfour Beatty to Develop DC-Area Student Housing
The project is being funded through revenue bonds provided by the Maryland Economic Development Corporation.
Balfour Beatty Campus Solutions has started development on a student housing project at Bowie State University in Bowie, Md. Design Collective is serving as the architect of the project, while Smoot Construction and Balfour Beatty Construction are the general contractors. Balfour and its partners broke ground at the on-campus development in February.
According to documents filed with the Municipal Securities Rulemaking Board, the project is being financed through revenue bonds provided by MEDCO (Maryland Economic Development Corporation). Totaling $44.9 million, the bonds mature between 2023 and 2055 and have an interest rate of 4 percent, with the ones maturing later bearing a rate of 5 percent. US Bank acts as the trustee on the bonds.
Scheduled for completion in the fall of 2021, the 170,000-square-foot project is slated to comprise 557 beds. Planned common-area amenities include a fitness center, laundry facilities and flexible classroom space. The project also incorporates a planned entrepreneurship center, with offices and conference rooms.
According to the cited documents, Capstone On-Campus Management is managing the development during its construction phase. Upon completion, Bowie State University will take over the management duties.
In July 2019, Balfour and its partners broke ground on a $38 million student housing project in Dallas. The development is scheduled for completion this summer.