First Private Venture Selected For Overseas DOD Base
In the military's first stab at privatized housing at an overseas base, the U.S. Army has selected a U.S.-Korea joint venture for a $1.3-billion project to build at least 2,400 residential units for enlisted personnel and families at a base south of Seoul, South Korea.
The project, to be financed totally through American and Asian banks, will allow the Army to relocate up to 44,000 troops and family members now stationed at the 600-acre Yongsan Garrison in Seoul. The South Korean government wants to redevelop the well-located site, with proceeds aimed at funding the country's half of the estimated $10-billion US Army relocation cost, according to local media reports. Many relocation project political, contractual and financial details remain controversial and unclear. CH2M Hill Cos., Denver was selected last year to be program manager for all relocation construction.