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Margate CRA authorizes negotiations with Brookfield for City Center
Summary
The Margate Community Redevelopment Agency voted 5-0 to authorize negotiations with Brookfield Properties to develop the Margate City Center, directing staff to begin negotiating a development agreement and long-term ground lease.
The Margate Community Redevelopment Agency on March 12 authorized staff to enter negotiations with Brookfield Properties to develop the Margate City Center, voting 5-0 to move the project forward to a developer agreement stage.
The vote authorizes staff to negotiate a development agreement and long-term ground lease with Brookfield; the agreement and any proposed terms will be returned to the CRA board for approval. Chair Casciano cast the deciding recorded “yes” alongside Board Members Schwartz, Serio, Simone and Vice Chair Rosano.
Colliers International, which the city retained to solicit and evaluate proposals, presented a summary of three finalist teams: Brookfield Properties, The Michaels Organization, and Related Group. Colliers representatives Brooke Mosier and Mark Rubin…
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