Transcript 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
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
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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Financial
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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Financial
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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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Operational
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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Operational
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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
Strengthen local and regional competitiveness Collaborate with state & local ED officials to secure “anchor” tenant
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
Challenge:
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
Implementation:
• • • 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