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$500 million needed for Fort Monroe
The money from private investors would be put toward restoration, construction and upgrades.
By MATTHEW STURDEVANT | 247-7874
September 20, 2008
FORT MONROE - ó Fort Monroe will need about $500 million in capital improvements, mostly from private investment rather than tax dollars, over a period of about 20 years after the Army vacates the waterfront military post and it is transformed into a complex of homes, stores, office space and attractions.
The $500 million estimate provided by a consulting company to the Fort Monroe Federal Area Development Authority is an early estimate, which will be more accurate as the authority gets closer to September 2011, said authority Deputy Director Conover Hunt.
The Army plans to vacate the 570-acre installation three years from now, and the authority will oversee the management of a community of historic buildings, a moated parade grounds and casemates. The authority approved a reuse plan for the post that calls for some housing, shops, attractions and recreational area.
The authority has also hired consultants to estimate the work that needs to be done. Few comparable examples exist, but the consulting company, Bay Area Economics, has compared Fort Monroe to the Presidio in San Francisco, which was federal property and is now operated by a trust.
In a presentation to the authority's board, David Shiver, a principal partner at Bay Area Economics said the $500 million includes: