Nashville, Tenn. — Actus Lend Lease, a public/private community developer, announced that it has entered into exclusive negotiations with the U.S. Army for the development of family housing at Fort Wainwright and Fort Greely Military Housing installations in Alaska. The privatization effort includes construction, renovation and property management operations for more than 1,800 homes in a sustainable 50-year development and management real estate transaction. The project has an initial development budget of approximately $420 million during the six-year Initial Development Period (IDP).

Beginning in April 2008, construction will begin on 703 new homes and 462 dwellings will undergo renovations, of which 51 small homes will be converted into new residences. Existing units, numbering 884, will be demolished to make room for new homes, while preserving greenfield areas on both installations. More than 13,000 square feet of community center space will be developed, together with approximately ten miles of trails and other community amenities.

“Forts Wainwright and Greely are set in stunning but extreme, and often hostile environments which offers unique training opportunities for the Soldiers of the Stryker Brigade and the 49th Missile Defense Battalion,” said Jeffrey Simon, President of Actus Lend Lease. “To create the state-of-the-art communities and family focused lifestyle that these military families deserve, Actus Lend Lease is drawing on nearly 50 years of deep global development experience in the world’s most challenging environments. We’re proud to partner with the U.S. Army and advance the shared mission of providing the high-quality, sustainable privatized homes our service families deserve.”

As part of the Actus Lend Lease commitment to social, economic and environmental sustainability, new home and renovation plans for Forts Wainwright and Greely incorporate sustainable materials and best practices that will extend the lives of the homes and support the surrounding ecosystem. Design plans incorporate wind turbines at community centers on both installations—conserving electricity and lowering energy bills. The new homes feature arctic foyers, roomy master bedroom suites, spacious kitchens with ENERGY STAR appliances, low-E, triple glazed, krypton filled windows and ample storage for training gear.

Tankless water heaters, existing steam energy sources, gas appliances and high efficiency systems, including low flow plumbing fixtures, light fixtures with compact fluorescent bulbs, and high efficiency mechanical equipment will also be used in order to take advantage of alternative energy and insulate against rising utility costs.

A successful privatization project also benefits the surrounding community and helps sustain the local economy. To that end, minimum goals have been set for utilizing a minimum of 75 percent small and 80 percent local businesses throughout Alaska.