TO: Margate CRA Chair and Members of the Board
FROM: Cale Curtis, CRA Executive Director
DATE: December 3, 2024
Title
REVIEW THE SECOND ROUND OF RESPONSES SUBMITTED BY DEVELOPERS TO COLLIERS INTERNATIONAL FLORIDA FOR THE MARGATE CITY CENTER DEVELOPMENT THAT WERE SHORT-LISTED AT THE SEPTEMBER 30, 2024 MCRA MEETING
BACKGROUND: At the April 1, 2023, MCRA meeting the MCRA entered into an Agreement with Colliers International Florida, LLC to provide real estate brokerage, marketing, and advisory services for the 43.3± acres in the Margate City Center.
In the following months, Colliers International Florida met with the Board to discuss the City Center Development and receive feedback. A final draft of the resulting Offering Memorandum was presented to the Board at the October 11, 2023 meeting. An update was provided by Colliers International Florida, Inc. at the April 10, 2024, meeting.
As a result of the Offering Memorandum, six Developer Responses were received and presented to the Board at the September 30, 2024 meeting. After this review, the Board voted to short list four of the developers and requested they provide a second round of proposals to Colliers International Florida.
Of the four shortlisted developers, three have submitted updated proposals:
• Brookfield Properties
• Michaels Organization
• Related Group
The three developers will present their individual proposals to the Board along with a summary report provided by Colliers International Florida.
RECOMMENDATION: For discussion and review.
FISCAL IMPACT: N/A
CONTACT PERSON: Cale Curtis, CRA Executive Director