Disposition/Developer Solicitation (RFQ,RFP)
Wise public property owners periodically review their real estate assets in order to determine their import to the Agency’s core mission against their potential to generate needed revenue. Once a public property owner has decided to market a site for sale or lease, the formal solicitation of purchase or lease offers from qualified developers is a strategy by which a public owner can optimize its chances of securing the type and quality of development it desires and the highest return on its land; and usually save the cost of real estate commissions (often the publicly owned sites are highly visible to the development community and there is no need to pay a broker to identify them and bring them to the table). The process can go directly to a Request for Proposals (RFP) or through a sequential process beginning with a Request for Qualifications (RFQ) aimed at screening for a short list of the best qualified firms who are then asked for detailed proposals in the 2nd round. Terry Margerum has directed many successful developer solicitations in Northern and Southern California over a period of 20 years, most recently for a hotel project in Mountain View and an apartment project in San Carlos.