For Immediate Release

 

Army Partnership Extends Development at Largest Residential Communities Project

 

HONOLULU, HAWAII • July 21, 2011 – Island Palm Communities (IPC) announced today that it secured approval from the Department of the Army on a modified scope plan (MSP) that will help U.S. Army Garrison-HI meet its demand for more 4 and 5 bedroom homes.

 

“Our ability to adjust our business to meet the changing needs of our Army partner is a benefit of the privatized military housing initiative,” said Mark Frey, IPC project director. “In addition to providing more 4 and 5 bedroom homes, we’re able to provide the local garrison with an end state rank mix that will better serve the housing demand across IPC communities.”

 

“Our original development plan was put together nearly a decade ago and was based on mission support projections at that time. Since then, our mission and the needs of the Army have changed tremendously,” said Colonel Douglas Mulbury, Commander, USAG-HI. “It’s important that we provide not just an adequate number of homes to our Soldiers and families, but also the appropriate types of homes to accommodate families of all sizes.”

 

The MSP also extends the original development period from 2015 to 2020, which enables IPC to complete the project development plan with excess cash from operations rather than taking on additional debt. “Being able to make such a significant change to meet our housing needs without additional financing means that important support services and community programs provided to our families will not be sacrificed,” said Mulbury. “Our families living with us now and those that will come to Hawaii several years from now, will continue to benefit from our partnership.”

 

IPC, a partnership between leading international property and infrastructure group Lend Lease and the US Army, is the largest residential privatization project ever awarded by the Army. The partnership will develop, design and construct 5,241 new homes, renovate 2,515 existing homes, and provide property and maintenance management for the U.S. Army Garrison, Hawaii through 2054. IPC is a successful model for sustainable development. Innovative programs, methods and technologies have been implemented from the project’s inception, and upon completion it will be one of the largest solar-powered communities in the world.

 

Media Contact:

Ann M. Choo Wharton           

Lend Lease

(808) 375-6489

ann.wharton@lendlease.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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