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CRA weighs CBRE review of Center for Arts and Innovation as commissioners press for updated financials
Summary
The CRA heard that CBRE will be hired to review the Center for Arts and Innovation project, including the PCDA and financial terms; commissioners debated deferring landlord-plan approval until updated cost estimates, business plans and a third-party review are complete.
City staff told the CRA on Oct. 7 that the city will contract with CBRE to provide consulting services to review the Center for Arts and Innovation development, including its preconstruction and development agreement and financial terms.
Mr. Brown, the director presenting the report, said CBRE — described in the meeting as a global commercial real estate firm with a public-sector team and a Turner and Townsend cultural-arts specialist on the project team — will review the…
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