FAYETTEVILLE, N.C.--(BUSINESS WIRE)--Improvements to Fort Bragg housing that began in early 2019 will continue and expand with Corvias’ direct capital investment of $325 million that will fund improvements across the company’s entire Army housing portfolio. Corvias is a partner to the U.S. military to help solve the evolving challenges of on-post housing, initially building 9,500 new homes and renovating 16,400 existing homes.
Today, more than 46 percent of the homes in Corvias’ Army portfolio were built before 1980, which translates to increased maintenance and modernization needs. In 2019, Corvias Property Management completed more than 330,000 service requests across its combined Army and Air Force housing portfolio.
“An evolved, sustainable solution is needed and our $325 million direct investment—which is at no cost to the government—is a meaningful step to improving the quality of life for our service members and families,” said John Picerne, founder of Corvias and Corvias Foundation, which has provided scholarships totaling more than $10 million to more than 430 military spouses and children. “The military housing partnerships include ‘out-year development plans’ that ensure funding for substantial future improvements. However, with decreasing funding to the program, increased uncontrollable expenses and an aging inventory of homes, the needs are outpacing the originally envisioned program.”
Corvias has provided significant leadership and problem-solving experience to provide more rapid responses and to realign the program for current and future needs. Its unprecedented $325 million direct investment will fund upgrades to approximately 16,000 existing homes and construction of more than 200 new homes. The projects funded by this investment support improving resident quality of life and proactively managing resident feedback.
Construction and renovation work are already underway, and Corvias plans to invest another $155 million in its Army portfolio in 2020, and will put nearly $200 million to work from its Army projects’ partnership reserves.
Specific to Fort Bragg
At Fort Bragg, Corvias Property Management is responsible for nearly 6,500 homes across 11 communities. Corvias supports the local economy by sourcing approximately 86 percent of all maintenance and construction work from local subcontractors.
In 2019, Corvias added 52 new positions at Fort Bragg, including an independent ombudsman and resident advocate, as part of its priority to increase resident satisfaction and response times. Corvias’ investment, coupled with out-year development funds, provides for the following additional improvements at Fort Bragg:
- Major renovations of approximately 280 homes in the Pope community include new interior and exterior finishes, new energy efficient mechanical systems, updated floor plans, and elimination of lead-based paint hazards
- Major renovations on approximately 132 homes in Bataan neighborhood
- Installation of luxury vinyl plank flooring in select homes
- Weatherproofing on approximately 2,700 homes
- Cleaning of air ducts and pressure washing nearly 5,000 homes
- Roadway paving, tree trimming/removal, gutter, and soffit/fascia repairs throughout various neighborhoods
- Energy and water resiliency upgrades on approximately 6,200 homes
- Updating of roughly 650 lamp posts with energy-efficient LED lightbulbs
- More than 35,000 aerator devices in sink faucets and shower heads
- Approximately 1,700 new domestic hot water units
- Approximately 2,800 ENERGY STARTM heating and cooling units and thermostats
- Installation of approximately 1,600 ENERGY STARTM domestic hot water units
Within the St. Mere Eglise community, Corvias will build approximately 95 new homes after demolishing approximately 200 where maintenance and repair costs were exceeding the value.
For nearly 20 years, Corvias has been a partner to the U.S. Army and Air Force in providing on-post housing and resident services across 13 installations and more than 26,000 homes as part of the Military Housing Privatization Initiative. The Military Housing Privatization Initiative was established by Congress in 1996 to leverage private-sector capital and expertise to reverse the military’s housing deficiency by expanding and modernizing housing with predictable, stable long-term operating costs and performance.
About Corvias
As a privately-owned company headquartered in East Greenwich, RI, Corvias partners with higher education and government institutions nationwide to solve their most essential systemic problems and create long-term, sustainable value through our unique approach to partnership. Corvias pursues the kinds of partnerships that materially and sustainably improve the quality of life for the people who call our communities home, purposefully choosing to partner with organizations who share our values and whose mission is to serve as the foundational blocks, or pillars, of our nation. To learn more, please visit: www.corvias.com
