TCC won the mandate to become the fort's EUL developer in 2006--the company's first EUL, Corneal tells GlobeSt.com. He says he cannot speak to the firm's plans to pursue similar opportunities. "This was an opportunity that came up in the Mid-Atlantic that we decided to pursue," he says.
TCC and the Corps of Engineers signed the negotiated term sheet for the Ft. Meade EUL project earlier this month. This step allows the parties to finalize the necessary documents for Department of the Army review and approval. The project will be called the Ft. Meade Technology Center. It will include offices, park areas and supporting retail on 173 acres located just outside Ft. Meade's Visitor Control Center on Reece Rd. Building construction will be LEED certified, according to TCC's press release, with a significant area of the site remaining a natural, wooded stream valley. TCC will develop infrastructure for the project in cooperation with Ft. Meade, Anne Arundel county and the state of Maryland.
Assuming the final go-ahead is granted, land development is expected to begin late this year, with building construction slated to begin in early 2009. The first building is scheduled to be available for occupancy in 2010.
As for the Army, it is anticipating that the services generated from the ground lease will lead to additional investments in infrastructure and facilities. "Among other things, we believe this deal will assist Ft. Meade in replacing its current golf courses with a new facility that will preserve the revenues the former generated to support youth sports, child development centers, after school programs, and other activities that are essential to taking care of military families," Col. Kenneth McCreedy, Fort Meade Installation Commander, says in a prepared statement.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
