After a would-be investor’s decision to back out of purchasing the former VGTI facility in Port St. Lucie late last year, the city didn’t quite go back to the proverbial drawing board. Instead of finding a new firm to market the property, the city opted to stick with Avison Young.
The company received a retroactive six-month extension (from December 2018) on its contract to again beat the bushes and drum up interest in the facility now called the Florida Center for Bio-Sciences.
The Port St. Lucie City Council approved the move unanimously and without discussion Monday evening during its regular meeting.
City staff recommended keeping Avison Young because, according to city records, doing so would provide “continuity of business services.” The firm will ultimately be paid based on the commission from the purchase price of the property – if and when the former VGTI facility is sold.
Port St. Lucie hired Avison Young in 2017 to market and secure the sale of the Florida Center for Bio-Sciences. And, in 2018, the firm came close to making a sale happen.
Multiple offers came in – all under what the city needs to be made whole. The winning proposal, from RER Ventures, had the highest purchase price, though it would have required city-backed financing.
In late November, the company notified the city it was no longer interested in pursuing the purchase.
Had RER Ventures gone forward and closed on the facility, the sale could have been wrapped early this year.
The 8-acre campus is located at 9801 SW Discovery Way, and consists of a 107,000-square-foot boasting nine state-of-the-art laboratories, as well as private offices, and conference and lecture spaces, among other areas.
Now that RER Ventures is no longer in the picture, Avison Young, the city and the Economic Development Council of St. Lucie County can re-examine the marketing strategy and potential uses for the facility.
The EDC has said there could be the potential to sub-divide the facility’s utilities, creating compartmentalized laboratory “condo” units, which could allow multiple tenants in the space.
Avison Young’s extended contract with the city runs until June 1. It is unclear what will happen if the company is unable to find a buyer and secure a purchase agreement before that date. nAfter a would-be investor’s decision to back out of purchasing the former VGTI facility in Port St. Lucie late last year, the city didn’t quite go back to the proverbial drawing board. Instead of finding a new firm to market the property, the city opted to stick with Avison Young.
The company received a retroactive six-month extension (from December 2018) on its contract to again beat the bushes and drum up interest in the facility now called the Florida Center for Bio-Sciences.
The Port St. Lucie City Council approved the move unanimously and without discussion Monday evening during its regular meeting.
City staff recommended keeping Avison Young because, according to city records, doing so would provide “continuity of business services.” The firm will ultimately be paid based on the commission from the purchase price of the property – if and when the former VGTI facility is sold.
Port St. Lucie hired Avison Young in 2017 to market and secure the sale of the Florida Center for Bio-Sciences. And, in 2018, the firm came close to making a sale happen.
Multiple offers came in – all under what the city needs to be made whole. The winning proposal, from RER Ventures, had the highest purchase price, though it would have required city-backed financing.
In late November, the company notified the city it was no longer interested in pursuing the purchase.
Had RER Ventures gone forward and closed on the facility, the sale could have been wrapped early this year.
The 8-acre campus is located at 9801 SW Discovery Way, and consists of a 107,000-square-foot boasting nine state-of-the-art laboratories, as well as private offices, and conference and lecture spaces, among other areas.
Now that RER Ventures is no longer in the picture, Avison Young, the city and the Economic Development Council of St. Lucie County can re-examine the marketing strategy and potential uses for the facility.
The EDC has said there could be the potential to sub-divide the facility’s utilities, creating compartmentalized laboratory “condo” units, which could allow multiple tenants in the space.
Avison Young’s extended contract with the city runs until June 1. It is unclear what will happen if the company is unable to find a buyer and secure a purchase agreement before that date.
