TZL 1455 (web)

BUSINESS NEWS BALFOUR BEATTY PROJECTS RECOGNIZED AT STUDENT HOUSING INNOVATOR AWARDS Balfour Beatty Campus Solutions, a leading developer and operator of infrastructure projects for the college and university market, was recently recognized with two Student Housing Business Innovator Awards, including ‘Best New Development’ for the Student Housing Village project at the University of North Carolina Wilmington, and ‘Best Public/Private Partnership Development’ for the Entrepreneurship Living-Learning Center at Bowie State University. The 12th Annual Innovator Awards were presented during the InterFace Student Housing Conference in Austin, Texas hosted by Student Housing Business magazine. Balfour Beatty’s Student Housing Village project for the University of North Carolina Wilmington helped reshape the on-campus residential experience for first and second-year students and meet the growing demand for on- campus housing. The development added 1,814 beds and program spaces, including a student success center, classrooms, maker spaces, large meeting rooms, and dining venues on a vibrant market-like street connecting students to the academic heart of campus. The project’s design extended the campus’ architectural tradition and shaped a grand village quad where students enjoy outdoor recreation. Both

phases of the project were delivered on-time and within budget, despite two hurricanes and the market disruptions of the global pandemic, earning it the award for Best New Development by a University. Project team members include Collegiate Housing Foundation, RBC Capital Markets, Balfour Beatty Construction, and Clark Nexsen Architecture and Engineering. Balfour Beatty’s Entrepreneurship Living Learning Community project for Bowie State University is a vibrant mixed- use development that incorporates entrepreneurship into the daily lives of students. The outward facing community fuses living, learning, retail and innovation and is home to the Bowie Business Innovation Center and the Bowie Entrepreneurship Academy. The 170,000 SF development brings 557 beds to the campus, as well as a variety of amenities, including lounges, flexible classroom space, a fitness center, laundry facilities, community kitchens and parking. The development was accomplished using a fast-track design/build/ finance process to complete the project under budget and on time for the 2021 fall semester. Team members include Maryland Economic Development Corporation (MEDCO), RBC Capital Markets, Balfour Beatty Construction, Smoot Construction Company of Washington DC (SmootDC), Design Collective, Inc. and Site Resources, Inc.

“Our team has developed a reputation for working collaboratively with both our university clients and team partners to craft and deliver innovative spaces that embody the unique spirit and vision of each campus,” said Bob Shepko, president of Balfour Beatty Campus Solutions. “It is very gratifying to see our hard work recognized and these projects honored as best-in-class amongst the many new student housing developments that came online over the past two years.” The Innovator Awards honor excellence in student housing development, design, financing, marketing and operations. More than 100 student housing industry experts judged the 130+ entries in this year’s contest. Balfour Beatty Campus Solutions, LLC provides development, asset/property management, and other real estate services to higher education with a focus on public-private partnerships that underpin the strategic vision of an institution. The company offers public-private partnership (P3) solutions for funding and delivery of capital plans, including residential, academic, administrative, and faculty offices, research, athletic/recreation, student centers, dining, parking, and infrastructure.

of the way. It doesn’t mean you can’t stick around and help out if that’s what you and your successor(s) want. But don’t be so selfish and put that ego aside so you can do what you know you need to do, when you need to do it. The business can outlive you and truly be a multi-generational enterprise IF your actions support that goal. And isn’t that what you really want your legacy to be? Mark Zweig is Zweig Group’s chairman and founder. Contact him at mzweig@zweiggroup.com. “A huge problem in the AEC industry is the founders or CEOs who cling to their positions and will not get out of the way so an actual leadership (and often ownership) transition can occur. When this happens, it destroys morale and motivation at all levels.”

MARK ZWEIG, from page 11

finances compound the problem. It’s harder to replace those people. The CEO’s retirement goals are less likely to be able to be met. The firm is in an even worse position to be able to afford the transition. Nothing changes at the top. More people leave. Eventually, the only option is an external sale because by now only those with the least ability to run the business are left. And the external sale at this point yields a much lower value than would have been achieved years earlier had it been pursued then. My point is this: Firm leaders – don’t stay at the party too long. If you just can’t leave the party because you are having such a great time, be the one who helps the host clean up. Don’t outlive your usefulness. There is a window of opportunity – for both you and your people – to have a smooth transition and ensure the firm’s continued prosperity. It probably won’t stay open forever. Your best people have high expectations for themselves. If you can’t move over and let someone else take the wheel, those people can’t move over and let their best people have more responsibility, either. It all starts at the top. Go out on a high note instead of a low note. Or at least get out

THE ZWEIG LETTER AUGUST 29, 2022, ISSUE 1455

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