Oct 2, 2019   SOURCE: BusinessWire

Corvias Breaks Ground on Military Housing Modernization at Fort Riley

Today, Corvias announced that Fort Riley base housing will undergo several major upgrades as part of a $325 million investment into its Department of Defense (DoD) portfolio to fund strategic modernization and resiliency improvements to U.S. Army base housing infrastructure. The upgrades include energy efficiency updates and the construction of new homes and major renovations for a total of 128 homes. At Fort Riley, this means 96 new homes in the Warner Peterson neighborhood and 32 homes receiving major renovations in the Rim Rock neighborhood.

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At a groundbreaking event this morning, Corvias announced that Fort Riley base housing will undergo several major upgrades as part of a $325 million investment into its Department of Defense portfolio to fund strategic modernization and resiliency improvements to U.S. Army base housing infrastructure. (Photo: Business Wire)

At a groundbreaking event this morning, Corvias announced that Fort Riley base housing will undergo several major upgrades as part of a $325 million investment into its Department of Defense portfolio to fund strategic modernization and resiliency improvements to U.S. Army base housing infrastructure. (Photo: Business Wire)

“This program is going to provide an impactful benefit for our partners, and most importantly, our residents,” said John G. Picerne, Founder at Corvias. “The renovations, new homes, and energy improvements will increase the comfort and satisfaction of residents in their housing while providing continued value to the partnership. This demonstrates how a partnership can continuously evolve to meet current and future needs for the Army and our residents.”

Not only will residents benefit from the updated and upgraded housing, the Army will decrease its costs of maintaining an old housing inventory.

“With the modernization upgrades we will see a reduction in operating expenses which means more funds for long-term improvements,” said Col. Stephen Shrader, Fort Riley Garrison Commander. “Most importantly, providing a superior housing experience for military families at Fort Riley is a top priority. This evolution in our housing partnership means we will be able to continue to make improvements for families.”

Features of the improvements at Fort Riley include:

  • Construction of 96 new duplex homes
  • Major renovations on 32 homes
  • New roofs on 75 historic homes
  • Landscape upgrades throughout the communities
  • Weatherproofing for 250 homes
  • Updates on more than 111,000 light fixtures with energy-efficient LED bulbs in over 3,700 homes and roughly 200 lamp posts
  • Installation of more than 26,500 aerator devices on sink faucets and shower heads
  • Installation of more than 3,700 new ENERGY STARTM thermostats
  • Installation on roughly 250 ENERGY STARTM heating and cooling units

“Roughly 44 percent of houses at Fort Riley are more than 40 years old,” said Angela Watson, Corvias Operations Director for Fort Riley. “These upgrades are going to have an immediate impact on the happiness of our residents with their homes while also making a positive environmental impact for generations to come.”

To make these improvements possible, Corvias, one of the first Military Housing Privatization Initiative (MHPI) partners, worked with its partners to develop this innovative direct capital investment structure, at no cost to the government, in support of the MHPI. The enhancements will allow Corvias Property Management to have access to better information and enhanced monitoring of assets, resulting in proactive responses that get ahead of a problem before it occurs.

Corvias has delivered more than 9,500 new homes and renovated more than 16,400 as part of the Military Housing Privatization Initiative. MHPI was enacted in 1996 to leverage private-sector capital, and expertise, to reverse the military’s backlog of deferred maintenance 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