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October 28, 2005

Many military bases marked for closure are hottest real estate properties

The closure of military bases is very painful in some places with jobs lost and flow of spendable cash greatly diminished. But others have real estate developers waiting in the wings to jump on what in some places is considered the hottest property. Certain towns actually ask to close Army and Naval bases within their limits so they can develop the land.

In California, the city of Concord located about 20 miles from Oakland, did ask federal officials to close down the Concord Naval Weapons Station, hoping to develop the land. The Defense Department agreed, and now the roughly 5,200 acre property gets every one excited.

In Illinois, the northern Chicago suburb of Glenview redeveloped Naval Air Base that was closed in 1995 into sprawling new mini suburb called Glen. Now in 2005 Glen has one of the most expensive real estate in the state with single homes going for well over a million dollars. It has beautiful shopping mall, several museums and parks.

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