Upcoming military base closures will provide a wealth of opportunities for developers. Beginning in the early 1990s, more than 8,000 military installations in Western Europe and North America shut their doors, according to NATO Review. In the US, 97 facilities were shuttered, resulting in land sales upwards of 100,000 acres and thousands of buildings. With plans for the US Army to reduce its forces to 500,000 soldiers by the end of 2015, bases are bracing for 70 additional decommissioned sites. Developers can begin to prepare their bids. The first wave of closures in the early 90s was low-hanging fruit for development firms. Land prices were low, which made achieving a healthy ROI faster and easier. National Real Estate Investor (NREI) reports average returns of 8-10 percent in the first year on bases that are repurposed as office or industrial spaces. Such successes are now more difficult to replicate, but they are far from impossible. Nearing the new millennium, the Department of Defense (DOD) began seeking higher prices for prime locations. For example, a 4,700 site outside of Orange County has an estimated sale value of $1 billion—which is more than the DOD gained from the sales of 96 previous bases. Developers interested in the new wave of closures will have to bring much more to the table. In spite of the rising prices, military base conversions are still lucrative. According to Builder Online, the former Glenview Naval Air Station is being transformed into the master planned community, the Glen. This 1,200-acre site rests just outside of Chicago. It includes single-family and multifamily housing, retail, and green space. The complex has experience such success that it is expanded into another project. The most recent addition, Westgate on the Glen, is under development. Upon completion, it...