CBRE: Strong market interest for Klein’s Lot and 415 West Washington; council to receive more details before September resolutions

City staff and CBRE presented summary results of a competitive solicitation for two city parcels — the downtown Klein’s Lot (six parcels managed as surface parking by the DDA) and 415 West Washington (a PUD site on the Old West Side) — and told the work session the administration will return in September with resolutions to authorize final negotiations.

Milton Dehoney, the city administrator, said the presentation was informational and the administration was not asking the council to decide tonight. "We're not asking you to make any decisions tonight," he said. CBRE representatives said they marketed the properties broadly (to roughly 33,000 recipients) and received nine offers for Klein’s Lot and five for 415 West Washington; the broker team shortlisted four qualified offers for Klein’s Lot and three for 415 West Washington.

Klein’s Lot (marketed without a fixed entitlement): CBRE summarized four shortlisted offers after best‑and‑final rounds. Key representative figures reported to council (each offer anonymous in the staff deck): • Offer A: $12,000,000 purchase price; $325,000 earnest; 60‑day due diligence; estimated city approval window 605 days; 45‑day closing after approvals; proposed ~272 multifamily units, ~12,000 sq ft retail, ~200 parking stalls (plus discussion of…