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OAHU, HI-Actus Lend Lease has been selected by the Department of the Air Force as the developer of rental housing at Hickam Air Force Base on Oahu. The so-called Hickam Housing Privatization Initiative Project covers the renovation, replacement and privatization of 1,356 homes.

The development scope over the first five years of the contract is $200 million. Approximately $1.1 billion will be generated in total revenues over the 50-year management term, according to Actus, which will have exclusive responsibility for the operation.

In August, Actus was selected by the US Army to build over 6,449 new replacement homes, renovate 1,212 existing homes and develop 16 community centers and other community amenities in the initial 10-year development phase, which involves $1.8-million in expenditure at several military posts on Oahu. The agreement includes a 50-year management assignment, during which $5 billion in revenues will be generated. Actus CEO Peter Koziol said at the time the assignment will be one of Actus’ largest undertakings.

In both contracts, the work will include development of multifamily housing as well as single-family homes, and Actus income will be derived from development fees, maintenance fees and management fees, all of which are performance based.

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