Air Force selects FCMC to privatize Keesler housing
BILOXI — The U.S. Air Force has selected Forrest City Military Communities, LLC (FCMC) as the highest ranked offeror (HRO) in its effort to privatize military family housing at four installations in the continental United States: Keesler AFB in Biloxi, Shaw AFB in South Carolina, Charleston AFB in South Carolina and Arnold AFB in Tennessee.
The Air Force Southern Group Housing Privatization (HP) Project is a deal valued at $291 million in development costs and will demolish and build hundreds of housing units over the next four years.
Under the deal, the Air Force will lease 316 acres of land at Keesler AFB as part of a 50-year transaction and convey 1188 existing housing units and other improvements to FCMC. At the four installations combined, the Air Force will lease a total of 846 acres of land and convey 2,387 existing housing units.
At the other group bases, FCMC will by the end of the three-year initial development period, demolish 972 existing inadequate housing units and construct 770 new housing units. FCMC will continue to operate and maintain a portfolio of 2,185 housing units across the four bases for a 50-year term.
Assuming the Air Force and FCMC reach successful closing, in early 2011 the existing houses at all four installations will become property of FCMC who will own and operate the rental housing development for military families. They will finance, plan, design, and construct improvements in the development and maintain the housing units the duration of the 50-year lease period.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Winchester lands $50M ammunition contract from Homeland Security
- Deer processors need to use caution to insure safe, tasty venison
- Pearl ordering rental properties to retrofit with sprinklers, build storm shelters
- Travis retiring as head of Mississippi World Trade Center
- Canadian company purchasing Southern Lumber for nearly $50M
- Lawmakers question education leaders about escalating administrative costs
- Peavey Electronics reorganizing under new globalization plan
- Drew Brees settles lawsuit alleging investment fraud
- Court rules board can discipline West Virginia radiologist