Fort Monroe Real Estate Announcement

For Immediate Release
Press Contacts:

• Bill Armbruster, Executive Director, Fort Monroe Authority, Phone: 757-637-7778 ext. 103 or barmbruster@fmfada.com
• Sandy Cohen, COO, Divaris Real Estate Inc, 757-497-2113 or scohen@divaris.com
• Kim Merritt, Asset Manager, Frye Properties, Inc. 757-627-1980 or ftmonroe@fryeproperties.com

Fort Monroe Authority gears-up for changeover to state enclave in 16 months by retaining Divaris Real Estate and Frye Properties to provide leasing, management and advisory services for nearly 2 million square feet of real estate.

Fort Monroe, Virginia, May 17, 2010, Bill Armbruster, Executive Director of the Fort Monroe Authority, announced that Divaris Real Estate, Inc. (Divaris) and Frye Properties, Inc. have been retained to provide leasing, management and advisory service to the Authority. Divaris and Frye Properties have formed a joint-venture titled Old Point Comfort Real Estate Services, LLC.

Armbruster states, “Our goal is to achieve a seamless transition, so we are beginning our pre-leasing process 16 months before the U.S. Army ends its military mission in the fall, 2011. Fort Monroe’s current residents will have the first opportunity to sign leases on the family housing they are living in now, so they can continue to enjoy the lifestyle of Fort Monroe after the site transitions from U.S. Army installation to state enclave.”

Bill Armbruster adds, “Divaris, with its extensive background in mixed-use commercial real estate leasing, and Frye Properties, with expertise in leasing and managing multi-family and residential properties, are uniquely positioned to help us achieve our mandate to become self-sustaining by leasing nearly 2 million square feet of real estate and invigorating the 565 acre site with new energy, excitement and opportunities.”

Fort Monroe will become a state enclave of the Commonwealth of Virginia on September 15, 2011. The Fort Monroe Federal Area Development Authority was created by legislative action of the Virginia General Assembly in 2007. The 2010 Virginia General Assembly created the Fort Monroe Authority as successor to the FMFADA granting all the authorities of a political subdivision of the Commonwealth of Virginia. The Fort Monroe Authority will manage Fort Monroe in perpetuity. Further information regarding the Fort Monroe Authority may be found at http://www.fortmonroeauthority.com.

The Fort Monroe National Historic Landmark will be open to all for the enjoyment of waterfront views, beaches, natural and heritage areas as well as historic programs. Armbruster states, “We are actively continuing efforts to expand the role of the National Park Service (NPS) with the goal that parts of Fort Monroe will become a unit of the NPS.”

Editor's Note: Fort Monroe is an active Army installation until September 14, 2011. People may visit with proper identification; driver’s license, registration and current inspection, but they are respectfully asked to not disturb current residents. Anyone interested in living on Fort Monroe or leasing space is encouraged to go the website: www.fortmonroeauthority.com to enter their contact information.