This thesis was born out of the efforts of the Department of the Navy to better leverage the available land it controls to financially support the needs of the shore infrastructure. My directive was to design a process that could be universally applied to all installations around the world to improve the speed and efficiency of decision makers in the enhanced use leasing process. The leading example of this process is the Broadway Complex in downtown San Diego, California where 12 acres of underutilized waterfront property has been leased to a private developer in return for a new headquarters building and years of maintenance for that facility. My process takes into account the general means and methods of that real estate action but also considers that no where else in the world is such a large piece of prime real estate available for such a project. The model that succeeded in San Diego can not be universally applied to other locations due to the unique challenges and requirements of not only the installation but the surrounding community. The process I have designed can be applied to every location but must be tested by installation staffs to ensure the enhanced use lease process is feasible with consideration of security requirements, community needs, and then financial viability for a private developer. This is best shown through a simplified procedure and tested as a case study of an actual installation to ensure the necessary requirements are met without impact to Navy operations and training. / Master of Science / Being the sea-going service for the US military, the Navy has a large inventory of waterfront property in some expensive locations. The primary example for my thesis is the Broadway Complex in downtown San Diego, California. For decades, the 12 acre parcel was mostly parking lots in one of the most expensive real estate markets in the country. The Navy decided to explore the possibility of leasing out the land for a long duration to a private development company in exchange for something the developer was very good at, new construction or major renovation projects. The Navy created a system of leasing out land in return for construction work.
After this process was completed, the Navy has tried to locate the next piece of valuable land that could go through the same transformation. This thesis examples the idea of creating a tool or inventory of desirable land to allow real estate professionals to quickly sort through it and start working on the next lease to a private company. Through this investigation, the best method to examine Navy property and decide whether it is desirable for private development, is to ask the local public works office to examine their own surroundings and future plans. The idea of a tool to collect these piece of land using general features such as location, size, nearby property values, isn't enough to understand what a property is worth to a private business. The conclusion of this thesis comes down to the fact that local knowledge is absolutely necessary to properly examine land value. This conclusion is supported by applying a new method that can be applied everywhere but must be tested on each base to find the next Broadway Complex redevelopment project that will greatly benefit the Navy and that specific base.
| Identifer | oai:union.ndltd.org:VTETD/oai:vtechworks.lib.vt.edu:10919/111773 |
| Date | 08 September 2022 |
| Creators | Buren, Aaron Vachss |
| Contributors | Architecture, Piedmont-Palladino, Susan C., Archer, Scott Brandon, Kelsch, Paul J. |
| Publisher | Virginia Tech |
| Source Sets | Virginia Tech Theses and Dissertation |
| Language | English |
| Detected Language | English |
| Type | Thesis |
| Format | ETD, application/pdf |
| Rights | In Copyright, http://rightsstatements.org/vocab/InC/1.0/ |
Page generated in 0.0015 seconds