The City of Bothell is engaged in a redevelopment initiative involving properties the City has acquired that are surplus to the City's needs. Several of these parcels of commercially zoned land are available for sale. This invitation constitutes a request for commercial broker services.
The City of Bothell is requesting proposals for the purpose of selecting a commercial real estate broker to represent the City in advertising, marketing, pitching redevelopment potential in accordance with the City's vision (http://futureofbothell.com/downtown-revitalization) to developers and investors, procuring offers to buy and develop properties and assist with negotiating purchase and sale agreements for certain properties owned and surplused by the City, and potentially provide oither commercial real estate advisory services, as requested. A map illustrating the parcels that are to be surplused and sold by the City can be found at http://www.futureofbothell.com/developing-in-bothell/development-opportunities. A .pdf version of the map can be downloaded by clicking the map icon.
The broker will represent the City in developing and executing marketing strategies for assigned properties. The broker will work closely with the City to execute strategies which are anticipated to conclude in the sale of surplus parcels to developers suited to the City's project goals. Developers will be required to execute development agreements committing them to develop parcels within specified times.
The City intends to select a firm by April 30, 2013. Therefore, the City requests interested parties to submit their letter of interest and proposal no later than 3 p.m., March 29, 2013. An interview of finalists may be conducted prior to final selection.
Proposals should be mailed or hand delivered in a sealed envelope, clearly marked "RFP - Commercial Real Estate Broker" to:
City of Bothell
Office of the City Manager
18305 101st Avenue NE
Bothell WA 98011
No faxed, telephone or email proposals will be accepted. Proposals should be prepared simply and economically, providing a straightforward, concise description of provider capabilities to satisy the requirements of the request. Special bindings, colored displays, promotional materials are not desired. Emphasis should be on clarity of content and completeness. Use of both sides of recycled paper for requests and any printed or photocopied material is desirable wherever practical.
At a minimum, the proposal shall provide the following information:
Names, qualifiation and specific local and national market experience of each principal individual responsibility in servicing the account, including administering the listing of properties, and maintaining contact with the City representatives on progress. Additionally, please provide an outline of a potential advertising and marketing approach/strategy, and related timeline for such services. Also, please describe experience in working with public entities. Finally, please include a summary of the proposed compensation structure and method, information on all optional commercial real estate consulting services and three references. The City in interested in exploring both an up-front fee for service and/or a commission based fee upon sale of property.
Criteria for selection include: demonstrated commercial real estate sales experience; broker's knowledge of the commercial/residential real estate development market; experience in working wth public entities; the structure for payment/commission; and demonstrated resources and ability to effectively market the property to the widest and largest number of potential buyers/developers.
The City reserves the right to reject any and all proposals, to withdraw this RFP and to waive minor irregularites in any proposal. The City further reseves the right to request clarification of information submitted, and to request additional information from any proposer. The City will make a selection of a company to negotiate with, but reserves the right to contract with another company, it if does not reach an agreement with the originally selected company.
Proposals may be withdrawn up until the date and time set above for submitting the proposals. The City shall not be responsible for any costs incurred by the firms preparing responses to this invitation.
Compensation will be determined by the final negotiated agreement. Any company/team selected for final consideration will be required to provide evidence of professional registration/certification or licensure, if required, and proof of insurance coverage.
