TO: Margate CRA Chair and Members of the Board
FROM: Cale Curtis, CRA Executive Director
DATE: March 12, 2025
Title
AUTHORIZATION TO ENTER NEGOTIATIONS WITH ONE FIRM FOR THE MARGATE CITY CENTER DEVELOPMENT AND BRING FORTH A DEVELOPER AGREEMENT.
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 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 1, 2023 meeting. Colliers provided an update at the April 10, 2024 meeting which included discussions on Public Private Partnerships and various financial and economic structuring options for the development.
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 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)
Colliers will present an overview of the three short-listed proposers and seek direction from the Board on the selection of a developer with which to enter negotiations. Additionally, a timeframe is to be set for an agreement to be reached.
RECOMMENDATION: For review and direction
FISCAL IMPACT: N/A
CONTACT PERSON: Cale Curtis, CRA Executive Director