Colliers has kicked off its role as advisor by soliciting Requests for Proposals, which were due last week and have not been opened yet, according to Tom Greenfield of Colliers International. Colliers is advising the state on what the site is worth and will market the property to major hotel chains, based on its extensive research and data.
Greenfield told GlobeSt.com that the 8.89-acre waterfront property is a public entity and a prime site for a 4-star hotel that will feature 500-550 rooms. After assessing the content of the RFPs, the state and Colliers will determine which developer it will work with, and from there will find a buyer.
"This property is the last site this large on the water," said Greenfield. "The City of Burlingame, who is the controlling entity, is enthusiastic because it is rich in TLT tax, which cities love because it is a great source of additional income."
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