Egyptian construction giant Orascom Construction has announced in a statement Thursday that its wholly owned subsidiary, The Weitz Company, has been selected to design and build a new student housing complex in the United States, the largest one yet.
The construction portion of the massive housing project, which is worth $360 million, is approximately $245 million. It will take place at the Texas A&M University in College Station and will accommodate 3,402 students, covering nearly 1.8 million square feet of building space.
The "Park West" will include more than 1,300 units ranging from studios to four-bedroom units in different layouts throughout the campus and feature amenities such as swimming pools, hot tubs, fire pits, grills, outdoor restrooms, fitness centers, study and gathering spaces and game rooms, according to the Weitz Company's statement .
In addition, the company said that the complex will also include retail and office space, as well as an eight-story parking garage, adding that the development will be built on 48 acres of pasture located near the south side of the campus and is expected to open before the 2017-18 school year.
President and CEO of Weitz Len Martling, said the company was honored to be selected to go through with this "exciting project," as it will have a "substantial impact on the footprint of the Texas A&M University campus," adding that the company's reputation is based on quality building.
Orascom's CEO Osama Bishai also commented on the announcement saying that the selection was a testament to the success of Weitz's strategy, adding that Orascom expects "additional sizable contracts in the future to help drive Weitz’s consistent growth."
Orascom Construction was Egypt's first multinational corporation, growing from a small family business into a global construction contractor. It is currently actively working in more than 25 countries primarily in the Middle East, North Africa, the United States, and the Pacific Rim.