TO: Margate CRA Chair and Members of the Board
FROM: Cale Curtis, CRA Executive Director
DATE: March 11, 2026
Title
APPROVAL OF A DEVELOPMENT AGREEMENT BETWEEN THE MARGATE COMMUNITY REDEVELOPMENT AGENCY AND BROOKFIELD DA HOLDINGS LLC, (AN AFFILIATE OF BPG ACQUISITIONS LLC) FOR THE MARGATE CITY CENTER PROJECT
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BACKGROUND: In April 2023, the MCRA entered into an Agreement with Colliers International Florida, LLC, (Colliers) to provide real estate brokerage, marketing and advisory services for the 50 ? acres in the Margate City Center. In collaboration with the Board, Colliers issued an Offering Memorandum (OM) to which six developers responded and were presented to the Board at the September 30, 2024 meeting. After multiple presentations by several developers, the Board ultimately selected Brookfield Properties at the March 12, 2025 meeting.
A Memorandum of Understanding (MOU) between BPG Acquisitions, LLC (Brookfield Property Group) and the MCRA was entered into on April 9, 2025 which allowed for a 12-month period to negotiate a Development Agreement. Brookfield Properties provided an update to the Board at the December 9, 2025 meeting and presented financial term sheets and conceptual plans that had been negotiated over the previous eight months and helped define the content of the Development Agreement. Below is an Executive Summary of the Development Agreement that is being brought before the Board for approval and is attached.
Executive Summary of Margate Town Center Development Agreement
Parties & Purpose
* Agreement between City of Margate Community Redevelopment Agency (CRA) ("Owner") and Brookfield DA Holdings LLC ("Developer"), an affiliate of BPG Acquisitions LLC.
* Purpose: Develop approximately 50 acres into Margate City Center, a multi-phase residential/commercial project with supporting public improvements.
Project Structure
* Development may occur in up to three (3) Phases; Phase I must be first.
* Developer receives e...
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