Fort Monroe Authority Revenue and Competitors

On September 15, 2011 the Fort Monroe Authority, a political sub-division of the Commonwealth of Virginia, will assume management responsibility for Fort Monroe at Old Point Comfort and operate the 565-acre site for the benefit of the public. The Authority will be responsible for the preservation, renovation and/or redevelopment of nearly 2 million square feet of existing buildings, facilities, grounds and features that make up the National Historic Landmark District. The Authority will serve as the "Master Developer" of Fort Monroe, contracting with third party service providers, developers and operators to assist in transforming an active military base into a vibrant new community. The Commonwealth will retain title to all property, and will execute short term and then long term leases to ensure quality property management. The adaptive reuse of historic property offers the advantage of national and state preservation tax credits. The Authority is also evaluating potential private sector partnerships for new developments in appropriate areas of Fort Monroe. Educational and recreational programs for the public will be an important part of Fort Monroe's future use, with educational and recreational programs planned, continuation of the 332 slip marina, and enjoyment of the great natural resources here accessible along the three miles of beaches on the Chesapeake Bay.