Pinnacle, Samsung Sign MOU for Future Military Housing Efforts in South Korea
- May 27, 2009
SEOUL, Korea–Chief Executive Officers Sang Dae Lee of Samsung and Stan Harrelson of the Pinnacle Family of Cos. signed two Memorandums of Understanding, one memorializing the terms of an exclusive partnership to work jointly on all future military housing projects on the Korean peninsula for the next five years and the second one establishing an Employee Internship Exchange Program. Through this program, highly motivated Samsung employees will intern with Pinnacle in the U.S. “The signing of these two MOUs is symbolic of the growing cooperation between Pinnacle and Samsung,” says Harrelson. “Our two firms have been working together on very important projects for the past year and a half. We intend to continue pursuing development opportunities with our partner, Samsung, well into the future.” Pinnacle and Samsung are currently working with the U.S. Department of the Army to design, finance, build and operate the U.S. Army Garrison Humphreys Housing Opportunity Project in the Republic of Korea. The community development project is a 50-year public-private venture, which will provide homes for military families assigned to USAG Humphreys, located about 55 miles south of Seoul. The project marks the first time in the history of military housing that private sector developers, builders, managers and capital providers will have the opportunity to create a first-class residential community on an Army post outside of the U.S. Under the proposed plan, Pinnacle and Samsung will develop, design, finance, build and operate approximately 2,400 homes on two parcels as well as own and manage the homes for 50 years. The homes will be within a planned community environment that will include a mixture of low-, mid- and high-rise residential buildings, parks, athletic fields, community facilities and retail outlets, with subterranean parking to optimize open space.