April 1, 2013
(West Palm Beach, FL) – The piece of downtown land involved in the former Digital Domain agreement is going back on the market.
During today’s City of West Palm Beach Community Redevelopment Agency (CRA) meeting, the decision was made to begin the process of looking for ideas on what to do with the prime piece of real estate.
The so-called “tent site,” located on the corner of Okeechobee and Quadrille Boulevards was originally part of the agreement between the CRA and Digital Domain. Once Digital Domain filed for bankruptcy, the City was able to reclaim the land as part of the legal agreement made with Digital Domain. Title to the property was returned to the City in November.
“The real estate market is picking back up again,” said Kim Briesemeister, Executive Director of the CRA. “Since it is the perfect time to get started on some form of a process, with the real estate market, [what we would do is] an RFQ.”
An RFQ, or a Request for Qualifications is a process where the CRA would ask any developers interested in the site to submit their qualifications for review. The CRA would then select developers who are qualified and ask them to prepare more detailed plans for the site. The CRA would review the more detailed plans.
“It will be an open and transparent process. You would be able to select and choose who you want to do business with,” said Briesemeister.
The property was previously part of the agreement with Digital Domain to construct a building that would have served as the center piece of a new digital media arts initiative.