Balfour Beatty Campus Solutions says it has successfully reached financial close on a public-private partnership (P3) project to develop an on-campus housing and dining community at the University of North Carolina Wilmington (UNCW).
Architect Clark Nexsen indicates the 435,000 sq. ft. student housing village project has a $103 million value, to be completed by 2020.
The two-phase project will house approximately 1,814 students and provide a variety of amenities including group study and collaboration spaces, the developer says in a news release.
Located in the southeast area of the UNCW campus, the development’s first phase is scheduled to open for the Fall 2020 semester and will deliver 1,038 beds in a pod-style configuration for first-year students. In the second phase, 776 beds in both pod and semi-suite styles will be added for the Fall 2021 semester for second-year students and upperclassmen. The development will also include more than 3,500 sq. ft. of dining space, as well as DIY space, group study and collaboration areas and a learning center for the sophomore class, which will be constructed in both phases of the project.
“We’re very pleased to work with UNCW to deliver much-anticipated infrastructure that will enable more students to live on campus at the very heart of this growing institution,” said Bob Shepko, president of Balfour Beatty Campus Solutions. “Our team has worked closely with university leadership on a very thoughtful planning and design effort and we look forward to breaking ground on this exciting new offering for UNCW students.”
Collegiate Housing Foundation, a national non-profit entity, 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.