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Village says Family Square has multiple offers; broker advancing finalists
Summary
Village staff said the Family Square property has drawn several offers; CBRE and the bank narrowed an initial group to roughly four finalists and requested last‑best offers, with staff awaiting the owner’s decision.
Village Manager Cook and Director Erpmaud provided an update on potential redevelopment of the Family Square site at the June 2 meeting, saying multiple offers were submitted to the property’s broker and that the bank and CBRE narrowed the field to a group of finalists.
Director Erpmaud said asks for ‘‘last best and final’’ offers had been requested and that staff has been in communication with CBRE and the broker about runway on the TIF and possible design concepts. He said offers were being evaluated and that staff expects to hear a decision from the property owner; the board was told staff is prepared to meet with the selected developer once the owner makes a choice.
No formal action was taken by the board; staff said they would report further as the broker and owner move toward a selection.
