Norman, Okla. — A joint venture between Balfour Beatty Campus Solutions LLC and Provident Resources Group (PRG) has broken ground on the first phase of a $194 million mixed-use project at the University of Oklahoma in Norman.
The development will expand the university’s on-campus living options for upperclassmen as part of a public-private partnership.
Located on more than 10 acres in the southern part of OU’s campus, the project will include four mid-rise buildings with 1,231 beds. Plans also call for 40,000 square feet of retail and academic space, as well as a 1,000-car parking garage.
Construction of the project is slated for completion in August 2018 in preparation for the 2018-2019 academic year. OU and Balfour Beatty Communities will jointly operate and mange the housing component of the development.
JE Dunn Construction is leading the project’s design/build team, in collaboration with Clark Nexsen and Oklahoma City-based Studio Architecture. RBC Capital Markets is the financial underwriter for the project.
Balfour Beatty Campus Solutions provides development, asset/property management and other real estate services to higher education with a focus on public-private partnerships.
PRG is a national non-profit organization that develops, owns and operates educational, healthcare, seniors housing and multifamily properties. To date, PRG has developed and financed more than 8,400 beds of student housing in nine states and the District of Columbia, with approximately 1,750 beds under development.
— Kristin Hiller