The University of Utah has selected a preferred bidder for its campus transformation P3.
Led by Blackstone-backed American Campus Communities, the consortium will deliver around 5,000 new student accommodation units over the next 10 years.
Oakland Construction, MHTN Architects and Ayers Saint Gross are the other members of the team.
The multiphase development will be delivered through a design, build, finance, operate and maintain P3.
John Creer, the university’s chief real estate officer, described the deal as a “once-in-a-generation opportunity to transform our campus and create college town magic that will set the stage for the next 100 years at the U”.
By using a P3, the university said it will be able to “prioritize public funding for investments” into other sectors such as research and healthcare improvements.
Development advisory firm Brailsford & Dunlavey is working with the University of Utah on the project.