December 22, 2016
Balfour Beatty, Browning, Purdue to partner on $75 million, 841-bed, student mixed-use housing complex on university campus
‘Innovation Place Apartments’ will deliver on-campus mixed-use housing via public-private partnership
WEST LAFAYETTE, Ind. - Balfour Beatty Campus Solutions, a leading developer and operator of infrastructure projects for the college and university market, announced it is moving forward on a $75 million project for Purdue University to design, build, finance and operate an on-campus, mixed-use housing, academic and retail development through a public-private partnership.
“Innovation Place Apartments” will create 841 more beds in a 369,000-square-foot facility for Purdue students. It is anticipated that the project will be complete in the fall of 2019.
“There is a strong need for more housing for students and the Innovation Place Apartments will help fill that need for current and future students,” said Jeff Kanable, director of the Purdue Innovation District. “The fact that this endeavor is the first major component of our recently announced Purdue Innovation District demonstrates how important this project is in serving our students.”
The Purdue Innovation District, a major development initiative spearheaded by the Purdue Research Foundation and master developer Browning Investments, encompasses approximately 450 acres at the west end of Purdue’s campus. The initiative is being designed as a preeminent environment for educational, economic, cultural, community and real estate development encompassing several million square feet with a total investment of more than $1 billion.
“The Innovation Place Apartments will provide another high-quality, convenient housing option to Purdue students and we are pleased that the Purdue Research Foundation has advanced this exciting project on behalf of our community,” said Michael B. Cline, Purdue University vice president for physical facilities.
Balfour Beatty Campus Solutions will partner with Chicago-based residential and commercial developer/contractor Walsh Group on the Innovation Place Apartments project. Upon completion, the housing will be jointly operated by Balfour Beatty Communities and Purdue University.
Located in the heart of the Purdue Innovation District, Innovation Place Apartments will be an integrated living/learning community weaving residential, academic and retail and will include approximately 841 beds designated for upperclassmen and graduate students, featuring a mix of apartment layouts ranging from studio to four-bedroom units. Students, faculty, staff and the greater community will also be served by approximately 8,000 square feet of community and academic space as well as a mix of retailers that will be included in the site’s approximately 16,000 square feet of retail space.
Currently, Purdue has approximately 13,000 students who live on the West Lafayette campus.
“Research shows that college students who live on campus tend to get higher grades and are more likely to stay in school. Providing students with quality housing while maintaining student affordability at all levels is one of our most important goals,” said Beth McCuskey, vice provost for student life. “The Innovation Place Apartments also will be a great asset in achieving the Purdue Moves goal of adding 3,000 new beds and academicizing to the benefit of students.”
The development will be located on a five-acre tract on the southern side of State Street, a major east-west artery running through campus.
“The Balfour Beatty team is very excited to bring our experience and expertise in campus development to Purdue,” said Bob Shepko, president of Balfour Beatty Campus Solutions. “We are inspired by the university and Purdue Research Foundation’s long-term vision for this sector of campus and this project, which will bring a modern living and learning environment and new retail to students and the campus community. We look forward to a collaborative process with both our partners, Walsh Group and Purdue Research Foundation, to deliver this important addition to the campus experience.”
The Purdue Innovation District complements the $120 million State Street Redevelopment Project jointly developed by the City of West Lafayette and Purdue University. The redevelopment project will stretch from the Wabash River through downtown West Lafayette and Purdue’s campus to State Street’s intersection with U.S. 231 on the west side of campus.
“Innovation Place Apartments is just the first of many exciting developments to come as a result of the long-standing collaborations among Purdue, West Lafayette and our surrounding community,” said John Dennis, mayor of West Lafayette. “The State Street Redevelopment Project and Purdue Innovation District will greatly enhance the appearance and provide amenities of the highest caliber for our city and will improve the quality of life for everyone in our community.”
About Balfour Beatty Campus Solutions
Balfour Beatty Campus Solutions, LLC provides development, asset/property management, and other real estate services to colleges, universities, and their affiliated entities with a special focus on projects utilizing a public-private partnership model. The company offers an alternative solution for higher education institutions to finance and execute their necessary capital plans, including academic facilities for faculty, classrooms and labs, athletic spaces, wellness centers and student housing.
Balfour Beatty Campus Solutions is part of Balfour Beatty Investments, Inc. a global company focused on financing and operating the vital assets that enable societies and economies to grow: roads and railways, health and education facilities, power and water systems, places to live and places to work — the infrastructure that underpins progress. Balfour Beatty Investments is a division of Balfour Beatty plc, a UK-based international infrastructure group operating in construction services, support services and infrastructure investments.
About Purdue Research Foundation
The Purdue Research Foundation is a private, nonprofit foundation created to advance the mission of Purdue University. Established in 1930, the foundation accepts gifts; administers trusts; funds scholarships and grants; acquires property; protects Purdue's intellectual property; and promotes entrepreneurial activities on behalf of Purdue. The foundation manages the Purdue Foundry, Purdue Office of Technology Commercialization, Purdue Research Park and Purdue Technology Centers. The foundation received the 2014 Incubator Network of the Year by the National Business Incubation Association for its work in entrepreneurship. For more information about funding and investment opportunities in startups based on a Purdue innovation, contact the Purdue Foundry at email@example.com.
Maureen Omrod, Balfour Beatty Campus Solutions, 610-355-8136, firstname.lastname@example.org
Cynthia Sequin, Purdue Research Foundation, 765-588-3340, email@example.com