"Soldiers and their families deserve to live in modern, high quality, livable communities," says Ray Clark, acting assistant secretary of the Army for installations and environment. "However, given the current budget process and constraints, we wouldn't be able to accomplish this without the innovative approach that RCI offers."
Under the program, MC Partners LLC--an equal partnership of Picerne Real Estate Group, of Warwick, RI, and the IT Group, headquartered in Pittsburgh PA--will work with Army officials to develop a management plan. Once completed, the plan goes to the Defense Department and Congress for acceptance, with construction slated to begin in spring 2002.
In addition to owning, managing and maintaining the properties, MC Partners LLC will also have responsibility for maintaining grounds, building and maintaining roads and infrastructure and reinvesting profits for future renovations and replacements. Army personnel living at Ft. Meade will receive a housing allowance that will be used to pay rent. Rental revenues will cover development costs, operations and maintenance costs and debt. Army officials value the project at about $3 billion over 50 years.
"We look forward to working with the Army to achieve this high-priority mission to improve the quality of life of military families by developing new homes, neighborhoods and communities at Fort Meade," says John G. Picerne, executive vice president of Picerne Real Estate Group. "We are extremely grateful for this opportunity and feel privileged to contribute to the well being of the military family members at Fort Meade."
Maj. Gen. James T. Jackson, commanding general of the Washington military district, which oversees Ft. Meade, says the base is home to nearly 15,000 military family members. "Providing our military personnel and their families with quality housing is essential to maintaining readiness of the force. Partnering with the private sector through RCI will provide soldiers and the members of our sister services living on Fort Meade with quality housing that will help the military attract and retain the quality of people we need," he says.
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