Acquiring property at a former military base: The process and the law

Real Estate Issues, Apr 1994 by Gsottschneider, Richard K, Hicks, Jimmy E, Donohoe, Jeffrey S

* The potential for a joint venture, recognizing that the absorption and redevelopment of many former military installations may take 20-40 years.

The redevelopment of closed military installations represents an unique opportunity for individuals involved in real estate development. To capitalize on this opportunity, developers and knowledgeable real estate professionals must work quickly to clearly define what they can offer affected communities. It is important to understand this is not a typical real estate project. Creativity and perseverance will be required to redevelop facilities at a closed military base. A successful developer must fully understand both the laws and the established procedures used in redeveloping close military facilities.

Richard K. Gsottschneider, CRE, is president of RKG Associates, Inc. During the past 15 years he has been involved, both nationally and internationally, in projects including market research and real estate development feasibility, project marketing, project financing and real estate appraisal.

Jimmy E. Hicks is vice president for planning and a principal in RKG Associates, Inc. Along with serving as an expert witness in court cases involving land use planning and development, his other areas of expertise are in municipal planning, fiscal impact analysis, economic impact analysis, preparation of environmental impact statements, capital improvements budgeting and the preparation of land use ordinances and regulations.

Jeffrey S. Donohoe is senior project manager, RKG Associates, Inc. He has performed extensive reuse planning at four former air force bases including facilities analysis, land use planning, financial feasibility, project budgeting and market feasibility. He also has conducted appraisal assignments primarily in commercial and industrial sectors in addition to income properties and major residential subdivisions.