TO: Margate CRA Chair and Members of the Board
FROM: Cale Curtis, CRA Executive Director
DATE: April 9, 2025
Title
APPROVING THE MEMORANDUM OF UNDERSTANDING BETWEEN THE MARGATE COMMUNITY REDEVELOPMENT AGENCY AND BPG ACQUISITIONS, LLC, RELATING TO THE NEGOTIATION OF THE LONG-TERM LEASE AND DEVELOPMENT AGREEMENTS ASSOCIATED WITH THE DEVELOPMENT OF THE MARGATE CITY CENTER PROJECT
BACKGROUND: At the April 1, 2023, MCRA meeting the MCRA entered into an Agreement with Colliers International Florida, LLC, (Colliers) to provide real estate brokerage, marketing, and advisory services for the 43.3 ± acres in the Margate City Center.
In the following months, Colliers met with the Board and an Offering Memorandum (OM) was presented to the Board at the October 1, 2023 meeting. As a result, six developer responses were received and presented to the Board at the September 30, 2024 meeting. After this review, the Board voted to shortlist four of the developers and requested they provide a second round of proposals to Colliers. Of the four shortlisted, three developers submitted updated proposals (one declined to submit) which were then presented at the December 3, 2024 meeting:
• Brookfield Properties
• Michaels Organization
• Related Group
• Kenco (declined to submit)
At the March 12, 2025 MCRA meeting, Brookfield Properties was selected by the Board as the developer with which to move forward with negotiations.
The attached Memorandum of Understanding (MOU) between the MCRA and BPG Acquisitions, LLC (Brookfield Property Group) allows for a twelve (12) month exclusive negotiation period.
RECOMMENDATION: For Board approval
FISCAL IMPACT: N/A
CONTACT PERSON: Cale Curtis, CRA Executive Director