Balfour Beatty Campus Solutions, a leading developer and operator of infrastructure projects for the college and university market, along with Dallas-based developer Wynne/Jackson and lead equity partner Star America, announced today they have reached financial close on the second phase of a mixed-use project for The University of Texas at Dallas.
In this phase, the development team will expand on the Northside Phase 1 development, delivering an additional 275 housing units and more than 6,600 square feet of retail space valued at $67 million as part of a Public-Private Partnership.
Located on more than 12 acres adjacent to Northside Phase 1, which opened in 2016, the Phase 2 project will include mid-rise apartments and townhomes that will add 900 beds, as well as additional shops, restaurants and entertainment venues to serve the nearly 27,000 students, faculty, staff and young professionals of the University and the greater Richardson, Texas area.
The community will also include spaces for small gatherings, as well as a fitness facility, programmed courtyard amenity with a resort-style pool and generous patio areas located in a park-like environment.
The project is being developed in partnership with Dallas-based residential and commercial developer Wynne/Jackson and New York-based infrastructure developer Star America. Andres Construction, also Dallas-based, will lead the overall design/build team, featuring Architecture Demarest as the lead design firm.
"Northside 2 is the next phase of what we envision to be a transit-oriented development that encourages a live, work, study and play environment for students, faculty, staff and the community," said Dr. Calvin D. Jamison, vice president for administration at UT Dallas.
"When this project is completed, we will have more than 7,000 students living on or near campus, and this phase will offer enhanced housing and retail opportunities to support our growing campus and community," stated Jamison.
Construction of the project has commenced and will be delivered in August 2018 in preparation for the 2018-2019 academic year. Upon completion, the housing will be operated by Balfour Beatty Communities.
The development team has secured a 61-year ground lease with the University to develop the project which will be 100 percent financed through developer equity and conventional construction financing provided through First United Bank.
“We are quite pleased to continue our relationship with The University of Texas at Dallas and support their growth with new and expanded infrastructure,” said Bob Shepko, president of Balfour Beatty Campus Solutions.
“The first phase of the Northside project has been very well-received by the students, faculty, administration and community, and we look forward to building on this success with Phase 2,” he added.-TradeArabia News Service