East Greenwich, RI (November 8, 2019) - Corvias, a partner to the U.S. military for the construction and management of on-base housing, announced today its latest investment project, further showcasing the impact of a successful public-private partnership. The company will launch a $15.8 million renovation project at Fort Polk in Louisiana this month with work slated to be complete in 2021. As a long-term solutions partner to the U.S. Army, Corvias continually develops innovative plans for direct investments into its network of 13 installations across the country. By upgrading base infrastructure and providing renovations to homes, Corvias can proactively manage maintenance and customer needs to directly address resident feedback.
Corvias’ 50-year partnership with Fort Polk is part of the Military Housing Privatization Initiative (MHPI), which leverages 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. This $15.8M renovation project utilizes remaining BAH funds accumulated over previous years which are now being reinvested back into Fort Polk housing.
“Corvias understands the importance of reinvesting in our properties as part of our strong partnership with the Army and Department of Defense and we saw the challenges they were facing – aging housing and infrastructure – and were ready to evolve and transform,” said John Picerne, founder of Corvias and Corvias Foundation. “Our approach to investment enables us to be a more proactive partner, anticipating and managing challenges down the road, all while providing military service members, their families and their communities with the next generation of assets.”
The work at Fort Polk will include updates to the exteriors of 1,146 homes including the roofs, fascia, gutters and paint. The interiors were already renovated by Corvias during the initial development period. Corvias will also make road improvements to more than three miles of roads throughout the base including mill work to level, smooth and repave roads in three neighborhoods on the installation.
“These renovations are just one of several other development plans Corvias has in the pipeline for Fort Polk,” said Matthew McGee, Operations Director at Corvias Property Management. “We are dedicated to raising the bar and look forward to completing this work and unveiling other plans likewise aimed at supporting the quality of life of our residents and revitalizing our base community for the military families who call it home.”
In addition, Corvias will soon complete the final phase of a $34 million geothermal project including the installation of more than 2,400 geothermal heat pumps and upgrades across the installation, which are estimated to save the Army more than one million dollars annually in energy savings and operational cost avoidance and, in turn, revert those dollars back to Fort Polk for capital improvements. Over the last two years, Corvias has invested $49 million in renovations at Fort Polk to improve the standard of living for residents.
Throughout 2019, Corvias has continuously reaffirmed its dedication to military families with the launch of The Corvias Commitment™ in February and the announcement in September of a $325 million capital investment into its military portfolio, which is on top of the $15.8 million investment at Fort Polk. The Corvias Commitment and the various investments being made across the company’s military portfolio are geared toward improving quality of life as well as responsiveness and communication for residents. Corvias’ capital investment will continue to fund improvements in service, as well as modernization and renovations to homes across its military properties.
Corvias’ partnership with Fort Polk includes the management of 3,661 homes, supporting an average of 732 direct annual jobs and generating approximately $133 million in total tax revenues for the state of Louisiana.
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.