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22 December 2003
Actus Lend Lease selected as preferred developer by U.S. Army for Military Housing Project in New York
Lend Lease Corporation Limited ("Lend Lease") today announced that Actus Lend Lease has been selected by the U.S. Army as preferred developer for the development of high quality military homes and communities for Army service members and their families at Fort Drum, New York.
The Fort Drum Residential Communities Initiative (RCI) Project covers the building, renovation, and management of 3,516 homes and multiple community facilities, involving an expenditure of approximately US$329 million in development scope during the initial 10 year development period. Approximately US$1.6 billion will be generated in total revenues over the 50 year term of the Project, during which time Actus Lend Lease will have exclusive responsibility for the operation of the Project.
The U.S. Army is expected to award the final contract in late 2004.
Media Release
Actus Lend Lease and Army to Form Housing Partnership in New York
(Napa, CA), 22 December 2003 - On 19 December 2003 the U.S. Army announced the selection of Actus Lend Lease as the preferred developer to partner with the Army in the development of a Community Development and Management Plan (CDMP) for the Army's Residential Communities Initiative (RCI) project in upstate New York.
The CDMP will serve as the blueprint for the development of high quality military homes and communities under the Department of Defense Military Housing Privatization Initiative for the Army service members and their families at Fort Drum, New York.
The CDMP should take approximately six months to develop and will be based on Actus Lend Lease's proposal to build and renovate over 3,500 homes as well as develop numerous community centers and facilities during the initial 10 year development period. Upon CDMP approval, the Army is expected to make final contract award sometime in late 2004. The initial development scope for the Fort Drum Project is valued at approximately US$329 million with approximately US$1.6 billion in revenues over the 50 year term of the Project.
"Fort Drum is home to the 10th Mountain Division, the Army's most deployed division, and we are proud and honored to be selected to work with the Army in providing the soldiers and families living there with the best homes and communities possible," said Peter Koziol, CEO Actus Lend Lease. Koziol added, "We understand the importance of this base to the military families, the Army, the local communities and the entire North Country region.
“We will work closely with all project stakeholders to ensure the development and management of world-class houses and communities that everyone will be proud to call 'Home’. Additionally, I am extremely proud that this project will spearhead our presence as a major player in the New York area and support our corporate business objectives in this region.”
Actus Lend Lease currently has five military housing privatization projects in operation or development. As part of the Army's RCI privatization program, Actus Lend Lease is developing and operating projects at Fort Hood, Texas (5,912 homes) and Fort Campbell, Kentucky (4,255 homes). It is developing plans with the Army for the development and operations of U.S. Army and Coast Guard housing and communities in Hawaii (7,668 homes). As part of the Navy/Marine Corps Public Private Venture (PPV) privatization program at the Tri-Command Military Complex at Beaufort, South Carolina, Actus Lend Lease is developing and operating 1,718 homes and communities. As part of the Air Force Housing Privatization Initiative (HPI) privatization program, Actus Lend Lease is in final negotiations with the Air Force for the development of 1,356 homes and communities at Hickam Air Force Base, Hawaii.
Lend Lease offers property-related services to clients involved in the creation, improvement or management of real estate assets. Listed on the Australian Stock Exchange, the Lend Lease Group operates in 43 countries on six continents, with a significant presence in Australia, Asia, Europe, and the United States.stock exchange
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