MIAMI—The City of Fort Lauderdale just hired CBRE as its new real estate advisor—and the company is talking about a bona fide renaissance. With a one-year term and three possible one-year extensions, CBRE’s mandate is fourfold: to cut the city’s operating real estate expenses, align real estate operations with the services provided to citizens, monetize underutilized real estate assets. and dispose of surplus assets.
“The mayor and city commission have recognized that it has an opportunity to optimize its real estate holdings, and they are taking a proactive approach to ensure the city’s key assets are operating in the most efficient, economical manner,” says Michael McShea, one of CBRE’s public sector leaders. “This will ultimately save taxpayers money and ensure the delivery of quality services to its citizens and other stakeholders.”
McShea and Lee Ann Korst will take the charge on the assignment in collaboration with CBRE South Florida’s managing director Ken Krasnow, and local commercial real estate brokers Scott Allen and Ryan Nunes. CBRE will advise the city regarding both strategy and highest and best use of several hundred parcels of land as well as represent the city on a transactional basis.
“Fort Lauderdale is in the midst of a renaissance, with population and job growth driving residents and offices back to the downtown for the live-work-play environment,” says Krasnow. With infrastructure improvements under way, such as the All Aboard Florida commuter rail line connecting Fort Lauderdale with the entire region, this is an opportune time for the city to assess and evaluate its long-term real estate strategy and implement plans that will positively impact its residents and businesses for generations to come.”