Portion of 5,331-Acre Virginia Beach Base to be Redeveloped
Chicago, IL, January 12, 2021—The Counselors of Real Estate, an international consortium of commercial property professionals, is working with Naval Air Station Oceana in Virginia Beach, Virginia, to analyze its real estate assets and offer a development plan for a portion of the 5,331-acre base.
The U.S. Navy partnered with The Counselors of Real Estate’s public service initiative, the CRE Consulting Corps, to develop an actionable strategic plan for working with public and private partners, realign infrastructure and facility usage and delivery of services, and redevelop housing, recreation, and support facilities for Navy and Marine Corps personnel.
“To enable Naval Air Station Oceana management to focus on its core mission while enhancing uniform service members’ quality of life, the Navy approached The Counselors for its expertise in analyzing non-core activities, land and buildings, and to provide viable best-use options,” said Michel Couillard, CRE, chair of The Counselors of Real Estate. “The team provided market-driven counsel on how to most effectively leverage the installation’s real property assets for the long-term benefit of United States Navy and Marine Corps personnel and the community at large.”
The CRE Consulting Corps provided a framework for the U.S. Navy to examine redevelopment options, consider alternative leasehold structures, and work with key partners to explore and implement public-private partnerships.
“To assist Naval Air Station Oceana in advancing its Future Base Design prototype initiative, the Consulting Corps team toured the installation and its facilities, analyzed demographics and market data, studied maps, and interviewed more than 40 local stakeholders including elected and appointed officials, community residents, local developers, and potential tenants,” said Jerry Turner, Jr., CRE, the group’s team leader. “We identified market sectors that could use land or facilities on the property, including those that could serve on-base needs as well as regional market demands through greater public access.”
As an adjunct to the assignment, U.S. Navy and Virginia Beach municipal officials were invited to San Antonio, Texas, for a first-hand tour of a successful military redevelopment project—conversion of the former Brooks Air Force Base into a modern 1,300-acre mixed-use community.
In addition to Mr. Turner, of Houston, the CRE Consulting Corps team included: Kirk King, CRE, San Antonio; William Norton, CRE, Manchester, New Hampshire; Harry “Skip” Preble, CRE, Fredericksburg, Texas; and Reid Wilson, CRE, Houston.
The CRE Consulting Corps helps communities, educational institutions, government entities, and non-profit organizations by providing objective analysis, adaptive reuse strategies, and realistic action plans to leverage and maximize performance of real estate assets.
Members of The Counselors volunteer their time and expertise for Consulting Corps assignments, providing access to high levels of industry knowledge at well below market rates to address economic development, disaster response, affordable housing, and other public service issues. The team for Naval Air Station Oceana was selected for its objectivity and experience directly applicable to the project, which is one of more than 50 assignments completed by CRE Consulting Corps teams.
The Counselors of Real Estate is a highly selective, global organization of commercial property professionals, including principals of prominent real estate, financial, legal, and accounting firms, as well as economists, ranking leaders of Wall Street, and academia. Only 1,000 professionals worldwide hold the CRE (Counselor of Real Estate) credential.