June 20, 2005
Base Closures: Redevelopment Boon Or Bust?
Article by Parke Chapman Via National Real Estate Investor:
With the Department of Defense shutting down military bases across the nation, commercial real estate developers are investigating potential redevelopment sites. As many as 33 major bases will be closed while another 29 bases will be “realigned,” which in military shorthand means they will absorb more staff. Meanwhile, the shuttered bases should save the government a whopping $50 billion over the next 20 years.
The government cost-cutting benefits are clear, but are base redevelopments worth the headache for developers? To be sure, decommissioned military bases offer unique risks and rewards for any developers bent on reinventing them.
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