Balfour Beatty Picks up Another Housing Privatization Project
- November 20, 2011
Less than two weeks after being selected to develop and manage family housing at six northern Air Force bases, Balfour Beatty Communities has been chosen by the Air Force as the highest ranked offeror for two more installations, Dyess AFB, located near Abilene, Texas, and Moody AFB, located near Valdosta, Ga.
Under the deal announced last week, the Air Force will lease up to 377 acres of land as part of a 50-year transaction and convey 674 existing housing units and other improvements to Balfour Beatty. At the end of the initial development period, up to 184 new units will be built, 173 will be updated and 501 units will remain as-is with minor improvements.
The deal, valued at $72.8 million in development costs, provides new and updated housing for 858 military families using only $428,000 of federal funds, according to the Air Force Center for Engineering and the Environment.
On Nov. 7, the Air Force selected Balfour to privatize family housing at its northern group of bases — Minot AFB, Grand Forks AFB and Cavalier Air Force Station in North Dakota; Ellsworth AFB, S.D.; Mountain Home AFB, Idaho; and Cannon AFB, N.M. With its latest award, Balfour Beatty will become the developer and asset manager of privatized military housing at 55 Air Force, Army and Navy installations.