Outside of an apartment building

Lifting weightsIn order to improve recruitment and retention of young, single service members, Corvias approached the US Army with an innovative solution that would benefit both our military partner and the individual service members. In a first-of-its-kind partnership, Corvias expanded the scope of our existing public-private partnership for family housing on post at Fort Meade, part of the Military Housing Privatization Initiative (MHPI), to accommodate this under-served population. Corvias delivered the project through a design, build, finance, operate, and maintain delivery method that ensured satisfaction for our partners and residents at Fort Meade. The project maintains a high occupancy rate at 93%, and our on-site maintenance team provides responsive and courteous service to all residents.

The partnership selected a site on Fort Meade that met a stringent green-development criteria. Plans were designed using Low Impact Development (LID), LEED Silver, and Energy Star guidelines, as well as advanced stormwater-management techniques. Corvias utilized 138 of the most innovative, best-management practices across the 38-acre site, including bioretention, rain gardens, and landscape infiltration. By utilizing an integrated and holistic approach, Corvias not only stayed within budget, but effectively generated cost savings that have been reinvested back into the partnership.


Corvias facilitated a “no-cost” initiative for this new community on post with modern features and amenities comparable to nearby private-sector housing. The financial structure of the program includes $68.4 million of debt and $3.75 million of Corvias equity, without any government equity or risk. Both the program structure and positioning of a balance sheet lender were extremely innovative and ultimately saved the program $18 million in financing costs.

Reese Crossing sign

Environmental Awareness

As an environmental steward at Reece Crossings and Fort Meade, Corvias has been proactive in designing and implementing controls that improve processes and promote conservation in order to sustain natural resources and support community resiliency. In the fall of 2015, Corvias installed solar panels on the apartment buildings and clubhouse at Reece Crossings as part of the Department of Defense’s Privatized Housing Solar Challenge. Construction was completed in less than one month and 325 kw of clean, renewable energy is now being produced on-site to assist our partners at Fort Meade in achieving their government-mandated renewable energy goals. Power generation from the solar systems is being used to benefit the community through increased energy security and a reduction in carbon emissions. This initiative also stabilizes the rate and cost of electricity for the next 25 years, protecting both residents and the partnership from volatile and expensive rate fluctuations. The anticipated lifetime savings from the solar installations is $885,000, which will be reinvested in the partnership.

Stormwater Solutions

All of the projects put in place at Reece Crossings have been permitted for stormwater management, soil erosion, and sediment-control design in close coordination with Fort Meade, as well as through rigorous review by the Maryland Department of Environment (MDE). The MDE’s requirements are among the most stringent in the country due to the close proximity to the Chesapeake Bay, necessitating heightened awareness of downstream environmental impacts from land development and commitment to innovative GI/LID planning to restore, protect, and preserve the region’s water quality.

Economic Impact

Corvias has utilized 83% of small businesses to complete the work, with more than 91% of all subcontracts being sourced to local companies. Corvias Foundation, Corvias’ charitable arm, has made substantial charitable contributions in and around Maryland, the fringe impacts of which are immeasurable. In addition, Corvias Foundation has provided $650,000 in scholarships and $35,000 in educational grants to Fort Meade students pursuing higher education.

Partnership Details

  • Duration: 45 years, 2012-2058
  • Capital Raise: $68.4 million
  • Financing Structure: Corvias equity
  • Placement Agent: Pacific Life
  • Program size: 432 units/816 beds, 516,857 GSF, 38 acres
  • Initial Development Scope: $71.6 million in capital improvements
  • Long-term Development Scope: $292 million in planned replacement/renovation of all housing
  • Total Local Economic Impact: $741 million
  • Total Projected to be Returned to Partnership: $375 million

Key Features

  • New apartment style housing
  • Solar panels enhance energy efficiency on apartment buildings and clubhouse
  • Community Center for relaxation, fitness, and collaboration, and office area
  • Dedicated reserve accounts for deferred maintenance
  • Comprehensive on-site 24/7 maintenance program

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