Real Estate Drives Revenue
Everywhere we look at Fort Monroe there has been significant progress toward growing this community into a place to live, work, and play as we celebrate our country’s rich history.
The FMA staff has been hard at work over the past several years, and the increases in real estate occupancy best illustrate the transformation of Fort Monroe. In 2014, our residential occupancy rate exceeded 90 percent, and a significant portion of the usable commercial real estate space is now occupied. These two factors produced a significant increase in rental income from residential and commercial leases. Market factors give us reason to believe this trend will continue for some time to come.
There are a number of projects on the horizon that will increase our capacity and attract more interest in Fort Monroe. They include:
Liberty SourceThis outsourcing company, which will primarily employ members of the local military community, is leasing 12,000 square feet of space in buildings 259 and 260, and will possibly bring up to 600 jobs to Fort Monroe. The company has already hired about 100 employees.
Alternatives, Inc.The FMA has agreed on terms to lease approximately 5,800 square feet in Building 263 to this organization. This company has about a dozen employees, and it collaborates with other programs to develop a sense of altruism, self-confidence, self-efficacy, social competency, critical thinking, and an appreciation of diversity in young people.
The conversion of Building 80 intoWhen completed, the building will have eight one-bedroom units and two two-bedroom units. The project already has a waiting list.Constructed in 1897, this building served as a bachelors’ quarters and as visiting personnel quarters.
a multi-family housing development
The conversion of Building 83 into an officeThis building will enable the Authority to accommodate public meetings and activities in addition to bringing its staff together in one facility. Constructed in 1898, this building served as the Post Office for Fort Monroe.
building for the Fort Monroe Authority