The City of Fort Lauderdale has contracted with Colliers International as its real estate adviser. The one-year contract was finalized with a unanimous vote during a city commission meeting Aug.22 and comes with the right to extend the contract for three more one-year terms.

The city had previously contracted with CBRE, which has since gotten involved in other projects, Commissioner Dean Trantalis said. City Manager Lee Feldman said Colliers would manage properties that the city leases out, find and lease properties for the city to rent when needed, market city properties for sale and consult on projects pursuant to clearly defined fees and maximum fees. CBRE, Colliers and a third company competed for the contract.

In a press release, Colliers said it will review and assess all city-owned vacant or underutilized property, strategize to monitor and reduce operating costs and help sell surplus assets. The firm will advise the city regarding highest and best use and strategy for several hundred properties.

Sales materials show the first parcel offered since the agreement: a 24-acre industrial property at 4030 South State Road 7 in neighboring Dania Beach that has been appraised at $13.2M, which is also the minimum auction bid. Sealed bids are due to the city by Nov. 3. Colliers will collect a 4% commission.

Managing Director Ken Krasnow, Account Manager Brooke Berkowitz and Research and Consulting Manager Verity Mosquera lead the team, based out based out of Colliers’ Fort Lauderdale office. Colliers has experts specializing in government solutions, affordable housing, hotels and marinas.

“The City of Fort Lauderdale recognized the ongoing opportunity to optimize its real estate portfolio, and this contract represents a proactive approach to just that,” Krasnow said.

He said that infrastructure improvements like airport expansion and the Brightline train are attracting investors and developers to Fort Lauderdale.