Updated July 9, 2015
The City is working with CBRE to market this site to potential investors. CBRE has expertise in marketing brownfields like 200 Beverley Street.
CBRE promoted the property to its investor/developer network. Twenty-one developers requested a copy of CBRE’s marketing package, and were asked to submit ideas for the site by May 8, 2015.
The City did not receive a formal proposal for the site. Instead, CBRE is participating in further discussions with potential investors that were identified through the process.
CBRE did note that the condition of the property was not a deterrent for investors; most cited uncertain market demand and current project commitments as reasons for not completing a formal submission by the May 8 deadline.
The City has asked CBRE to validate the specific concerns of potential investors to determine how to address them. Meanwhile, CBRE continues to market the property.