Balfour Beatty and its partners will design, build, finance, own and operate the US$31m (£20m) development, which is scheduled to break ground later this month and open in August 2014.
The development will include 270 one- and two-bedroom units targeted at Iowa’s 9,500 graduate students, as well as faculty. The new facilities will consist of five, three-storey buildings with a total area of 265,600 square feet. Additionally, a separate one-storey community centre will be built to house the property management offices and common spaces for resident use. The new housing will replace 240 units of the Hawkeye Court complex built in the 1960s which will be demolished to make way for the new development.
The project is being designed by Solomon Cordwell Buenz & Associates and will be built by Balfour Beatty Construction. Balfour Beatty Communities will operate and maintain the completed property. Balfour Beatty Campus Solutions will manage the financing and ongoing operations of the public-private partnership project through a 40-year ground lease.
“The Iowa staff and administration have been incredible partners and we are very excited about this project and the opportunity to deliver a new and revitalised housing option to the graduate student community,” said Bob Shepko, president of Balfour Beatty Campus Solutions. “The finished product will be one that delivers first-rate design and considerable value for the students’ rental dollars.”