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I went to high school on Fort Ord land and I think the primary reason for it being a tough sell is the unexploded ordnances. Every year we were given a presentation on how to identify old landmines and avoid them. Even with the recent cleanup efforts it's still somewhat dangerous and only the fringes of Fort Ord (where cleanup happened a while ago) are being actively developed.

Some defunct military bases are still having trouble attracting valuable industrial tenants even after 40 years, example:

Closed as an air force base in 1966 and turned over to the local government, https://en.wikipedia.org/wiki/Grant_County_International_Air...

Closed as an active SAC bomber air force base in 1969, https://en.wikipedia.org/wiki/Clinton-Sherman_Industrial_Air...

To be fair, nothing between Monterey/Seaside and Santa Cruz is very built up, and it's all very nice weather, as far as I can tell.