The City Commission moved forward Monday night with an agreement to hire a real estate group that will attract more tenants to the Nottingham development.
The listing agreement with CBRE real estate group is set to last two years.
CBRE will receive 6 percent of the gross pad sales price when they sell a parcel to prospective renters. The company said they will work with the city to create and implement a strategy to sell or lease the property, including marketing materials.
In the case where a company wants to build on the Nottingham property and they have their own brokerage representative, CBRE will pay that separate brokerage with the 6 percent given to them.
“There is no extra commission out of [the city’s] pocket,” CBRE brokerage representative Chris Newkirk said. “Instead of [the city] having to pay, we would pay them through that 6 percent.”
City Manager Barack Matite said the city hired CBRE to build new complexes and further carry out deals and take care of leases.
“CBRE will be able to find a developer and structure the deal,” Matite said. “For us, it’s just selling the ground.”
Matite said during the meeting Monday the city will not be able to close with High 5 at this time because the development team needs more time to complete the infrastructure work on the property for the future entertainment complex.
It is unlikely this work will be completed by Thursday, Matite said.
High 5 representatives said they are still working to complete this project. Factors delaying it include financing and ordering and receiving the correct materials to begin construction. The company has previously said the complex would include bowling, laser tag, axe throwing and mini golf.
The review period for High 5 got extended. The infrastructure work that is needed for High 5 to close on the property is anticipated to be done on or before Jan. 28.
“Sometimes there are other departures that come into play,” Matite said. “We’ll do our best to pass on the urgency of [getting] this done.”
Reach reporter Tatum Goetting at email@example.com.
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