Aberdeen Proving Ground
Aberdeen Proving Ground, Maryland
Corvias developed renovation plans for existing duplex units that were Home to high-ranking residents at Aberdeen Proving Ground (APG.) The condition of these homes was poor after years of neglect and lack of funds. Corvias has transformed these homes into beautiful, single family residences with modern amenities complemented by historic features. Corvias also constructed 210 new homes for senior officers and other critical federal employees. Like all Corvias’ communities, amenities are geared to residents’ needs, such as resort-style, zero-entry accessible swimming pools, fitness centers, multipurpose rooms, and computer labs. In addition to the housing and community facilities improvements, Corvias designed and implemented stormwater best management practices to reduce runoff pollution to the nearby Chesapeake Bay. All work was completed in strict compliance with the Maryland Department of the Environment stormwater management and NPDES MS4 Permit requirements. Corvias’ development of ecoconcious infrastructure also included the design and installation of rooftop solar solutions throughout the post. The rooftop solar program at APG provides 1.1MW of sustainable solar energy.
FINANCING DURING MARKET TURMOIL
The financial structure of the APG partnership includes $53 million of private debt at a 7.60% fixed rate for 30 years, with four years as interest only. In addition, Corvias contributed $1.46 million in equity and the federal government contributed $14 million in equity to the program. When Corvias was preparing to financially close the APG partnership in 2009, the economic climate caused by the global financial crisis prevented the partnership from raising the debt necessary to support the proposed scope. After extensive market research, Corvias found that the partnership qualified for a conduit bond in the more attractive municipal market, pending approval from the local municipality—Harford County. Working
closely with the Maryland Economic Development Corporation, Harford County Office of Economic Development, and county leadership, Corvias demonstrated the benefits of the partnership for residents and the state of Maryland, all at no risk to the county. Ultimately, the county council voted for a $54 million conduit bond, enabling the partnership to meet the scope. Moreover, no partnership in the industry had closed a year prior to or after the APG partnership.
APG is located in a highly sensitive environmental area along the Chesapeake Bay, which adds another layer of complexity to the partnership. It is vital to the partnership to mitigate flood risk while protecting the Bay and its sensitive species. Through survey reviews, Corvias’ design and engineering teams determined the area’s true topography, then mapped the wetlands and flood plains. This identified the best way to develop the land and keep the promise to create a housing community with amenities and a sustainability program. Corvias was instrumental in promoting the most current stormwater-design technology and construction methods at APG. Individual Stormwater Pollution Prevention Plans for each community include a nutrient-management plan and low impact development techniques for all stormwater control structures. Corvias also utilizes grass paver access roads within the community as an aesthetically pleasing, yet permeable, landscape element.
RENEWABLE ENERGY INITIATIVES
Corvias’ commitment to creating renewable energy solutions is apparent at APG. Roof-mounted solar panels generate more than 73% of the residential power each year. Corvias facilitates turn-key implementation at zero cost, risk, and administrative burden to both APG and the US Army. While no government funds or guarantees contributed to the initiative, the US Army received multiple Renewable Energy Credits toward their renewable energy goals.
By creating long-term sustainable employment opportunities that impact the installation, the surrounding community, and the state of Maryland, Corvias enhances the local economy and workforce. Through the partnership, Corvias helps to revitalize the community. By adding upgraded living spaces and recreational areas to create resiliency, as well as
developing small and local businesses and infusing capital, Corvias is dedicated to promoting the future of the region. Activity at APG supports 130 annual jobs and will generate nearly $1.32 billion in output and approximately $239.7 million in wages during the lifetime of its operations.