Commercial Investment Real Estate

JAN-FEB 2018

Commercial Investment Real Estate is the magazine of the CCIM Institute, the leading provider of commercial real estate education. CIRE covers market trends, current developments, and business strategies within the commercial real estate field.

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COMMERCIAL INVESTMENT REAL ESTATE 22 January | February 2018 An Indiana military base closure turns into a successful downtown. an opportunity for local leaders, residents, busi- ness owners, and developers to craft a new future for the city. Community Evolution In 1991, the federal Base Realignment and Clo- sure Commission determined the 2,500-acre Fort Benjamin Harrison U.S. Army Base was no longer needed to support the military's overall mission. Following final approval from U.S. Congress to close the base, the state of Indiana acquired 1,700 acres of Fort Harrison to create a new state park, leaving 800 acres without a definitive purpose. To ensure those 800 acres did not turn into an overgrown eyesore, state, county, and city leaders cre- ated the Fort Harrison Reuse Authority. Its mission With every new year's federal budget comes the threat of military base closures nationwide. Not surprisingly, the U.S. Congress shot down the idea in 2016. During an election year, elected officials will not support a budget that could possibly place constituents out of work and leave thousands of acres of unused land. A closed military base, however, does not neces- sarily result in an economic death sentence. A base closure can give local leaders a blank slate with enough physical space to create exactly what their community needs. For example, Lawrence, Ind., needed a down- town — a central community space that it lacked during its nearly 170-year history. The base closure of Fort Benjamin Harrison in Lawrence provided by Marci A. Reddick

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