Pleasanton Economic Outlook

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Real Estate Asset Management Strategy Fort Monroe Federal Area Development Authority

March 19, 2009

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Today’s Agenda

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Current work summary Role of Fort Monroe/Old Point Comfort Real Estate Asset Management Strategy Real estate goals and objectives Interim leasing concepts

• • Residential Commercial

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BAE Scope of Work

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Updated financial analysis Real Estate Asset Management Strategy Economic Development Conveyance Property manager/developer solicitations

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Asset Management Strategy is Key Driver

The Fort Monroe/Old Fort Comfort Real Estate Asset Management Strategy:

• • • • Sets goals and objectives Identifies key challenges Formulates strategies to realize goals and objectives Provides a direction and road map for FMFADA staffing & leasing activities

Real Estate Asset Management Strategy FMFADA Real Estate Staffing EDC Application RFQs/RFPs Lease/Contract Terms

Goals and Objectives

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Clearly articulate FMFADA’s goals and objectives

• • Focused on real estate dimension only FMFADA management consultant to focus on other dimensions (e.g., institutional management, cultural, interpretive, and recreational) 

Five areas to focus on today:

• Summary of Overall Goals and Objectives • Financial • Historic Preservation • Operational • Economic Development

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Overall Goals and Objectives

Generate a stable stream of revenue to preserve and protect Fort Monroe’s rich historical, cultural, and natural resources

Enhance the economic development of the City of Hampton and entire Hampton Roads Region

Optimize results and control costs by establishing an efficient, highly flexible, and responsive FMFADA organization

Support and complement public uses of Fort Monroe

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Generate near-term revenues

Optimize long-term value

Achieve long-term financial self-sustainability

Minimize upfront Commonwealth investment

Achieve market-rate rates of return

Enhance value with Fort Monroe/Old Point Comfort “brand”

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Explore residential leasehold program to generate capital

Establish an interim leasing program prior to transfer

Generate fiscal benefits to City of Hampton to cover costs of municipal services

Maximize the use of state and federal investment tax credits

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Historic Preservation

Preserve historic buildings through interim leasing

Facilitate long-term rehabilitation and adaptive reuse of historic structures

Facilitate maintenance of cultural landscapes

Ensure compliance with Fort Monroe Historic Preservation Design Standards

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Build a responsive and flexible FMFADA real estate organization using best practices

Control operating costs by minimizing permanent staffing requirements

Provide an efficient permitting process

Ensure “owner’s rep” project support

Establish interim leasing program with contracted broker and property management firm

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Privatize major rehabilitation and new development Capacity to enforce Programmatic Agreement for historic preservation

Operate real estate programs to complement Long Range Interpretive Master Plan

Ensure Army remediation meets standards set by Fort Monroe Reuse Plan

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Economic Development

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Strengthen local and regional competitiveness Collaborate with state & local ED officials to secure “anchor” tenant

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Promote “green-tech” or “clean-tech” industry Promote IT, aerospace, military, and NASA related commercial tenants

Improve the region’s quality of life by making Fort Monroe the “front door” of the Hampton Roads Region

Support the on going revitalization of Phoebus as “Fort Monroe’s neighborhood shopping district.”

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Interim Leasing


Balance need for early revenue and historic preservation with protection of Fort Monroe/Old Point Comfort image 

Lessons Learned:

Presidio of San Francisco commercial leasing program

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Interim Leasing Concepts - Residential

Proposed concept:

Fort Monroe Residential Rental Program Target market segments: • • • • Military families renting “on the economy” Foreign families assigned to NATO HQ Visiting faculty & graduate students at area colleges & universities Local public safety agency employee households 

Seeking credit-worthy, short-term tenancies to give FMFADA flexibility to implement long term rehabilitation and residential leasehold program

Interim Leasing – Residential


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Required improvements

: • • Limit to units requiring only cosmetic Improvements – “paint and patch” Improve landscaping at Wherry Housing 


• • • RFP for residential property manager Master lease with Army pending transfer Start mid- to late 2010

Interim Leasing Concepts - Commercial

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Identify buildings that are ADA compliant and require minimal investment for occupancy, including:

• • 11 recently constructed “butler” buildings with flexible floor plans Building 100 

Target existing office tenants in local market

Target technology and clean-tech firms needing shop and storage space

Lay marketing and “proof of concept” ground work for identification of anchor tenant