Fort Monroe Development Advisory Services
Fort Monroe (Virginia) Authority
BAE serves as the lead real estate consultant to the Fort Monroe Authority for the redevelopment of the 570-acre historic Fort Monroe in the Hampton Roads area of Virginia.
This facility, with a history extending over nearly 400 years, has a collection of 170 historic structures that will remain under Commonwealth of Virginia ownership and management. BAE prepared a 20-year financial model indicating the likely financial performance of the preferred reuse plan alternative and fiscal impact of the proposed reuse plan on the City of Hampton. Our work also included a bottom-up operating budget for Fort Monroe with estimates of municipal service costs likely to be incurred by the City of Hampton. Our financial analysis presented recommendations related to financing infrastructure, establishing an interim leasing program, and evaluating a proposed residential leasehold sales program. The Fort Monroe Reuse Plan was signed by the Governor in August 2008.
BAE was subsequently engaged to provide ongoing development management and advisory services, including the preparation of a comprehensive Real Estate Asset Management Strategy, as well as solicitation materials for property management and a master developer. BAE also prepared the Economic Development Conveyance (EDC), a business plan on behalf of the Commonwealth of Virginia, to acquire the entire site from the U.S. Army. This transaction has an estimated market value of over $200 M.
BAE also supported the Reuse Authority’s work with the National Park Service, resulting in the 2011 designation of a portion of Fort Monroe as a National Monument.
When private development partners are obtained, BAE will support the local government in structuring a long-term partnership and development agreement for redevelopment of the property into luxury housing (rehabilitated historic units), an active recreational marina, lodging and dining facilities, and special recreation uses for this region of Virginia.