Fort Rucker, Alabama
At Fort Rucker, Corvias provides full-service management and operation of 2,207 homes, ranging from leasing to repairs and preventive improvements. Corvias redeveloped Fort Rucker and relocated 817 residents and families over the initial development period. Minimizing disruption to residents was the top priority throughout the redevelopment efforts and was achieved through fine-tuned planning, an attentive on-site operations and maintenance team, and effective communication. Today, residents have better access to on-post services in addition to living in high-quality, single-family or duplex layouts that utilize Energy Star appliances to be eligible for LEED-Silver certification. The partnership between Corvias and Fort Rucker allows student service members attending the US Army Aviation Center of Excellence to live on base, providing a positive learning environment and fostering a sense of community. In addition to an installation-wide housing program, Corvias is responsible for managing the infrastructure for 977 acres to ensure compliance with local, state, and federal regulations pertaining to water quality and stormwater runoff. Corvias is also going the extra mile to implement clean solar energy at no cost to our Army partner. The stabilized utility rates as a result of the solar solution will generate cost savings that will be reinvested into the partnership, ensuring all homes and infrastructure are returned to Fort Rucker and the Army in new or like-new condition at the partnership’s end.
The financial structure of the Fort Rucker partnership includes $106 million of private debt, $2 million of Corvias equity, and $24 million of government equity. The financing additionally includes two, 45-year loans with interest-only periods of five years for each loan. Our partnership also provides dedicated reserve accounts providing operating funds for deferred maintenance and repairs, capital replacements, property management, and construction.
RESIDENTIAL SOLUTIONS AND SERVICES
In collaboration with Fort Rucker leadership and the flexibility of the available housing inventory, innovative programs were developed to leverage the existing surplus of housing and address the needs of the unaccompanied and temporarily assigned service population. These previously underserved populations were provided a housing opportunity that had not previously been addressed. Corvias’ proactive occupancy program also includes a highly-skilled Leasing and Relocation Team, effective advertising to the surrounding areas and installations, a popular resident referral program, and a user-friendly website. Corvias’ staff provides high-quality residential services through routine home inspections, daily property inspections, and an in-depth preventive maintenance program. By offering 24-hour emergency service, all maintenance requests are responded to in compliance with the set standards. Emergencies and urgent matters are responded to within an hour and completed within 24 hours.
Corvias constructed 816 homes in compliance with LEED Silver standards that minimize waste streams by leveraging an innovative approach to reuse existing slabs and infrastructure. This approach to home design maximizes cost savings and demonstrates Corvias’ commitment to environmental awareness. Newly-constructed homes exceed the industry standard in the areas of construction waste reduction, density, edge development, infill, and utilization of a previously developed site.
Corvias understands the importance of teamwork with subcontractors, but also provides the US Army with the benefit of a single partner. Corvias routinely works in cooperation with other local and small business entities on long-term operation, maintenance, and property management projects. With 93% of the partnership scope awarded to small and local business to date, Corvias exceeds the original goal of 70%.