The city wants to link up with a developer in a public-private partnership, a mechanism which the private partner covers the upfront cost and develops and manages the project.

The city is looking for creative proposals for a project that fits into the surrounding area while developing the property to its full potential, according to a news release from CBRE Group Inc., which is marketing the site on behalf of the city.

"Hollywood recognizes the significance and impact redevelopment of this site can achieve and is looking to attract a qualified investor/developer to … create an iconic project for visitors and residents to enjoy," Lee Ann Korst, Southeast regional manager for CBRE's public institutions and education solutions team, said in a statement.

Korst and CBRE senior vice president Larry Genet are leading the marketing.

The developer gets a "clean slate" site to develop a modern project with beach access and amenities, Genet said.

"The goal is to ensure a vibrant and accessible oceanfront development with a modern and vibrant beach culture and community center," Genet said in a news release.

The city opted to solicit development proposals after receiving an unsolicited plan, which under state law requires the city to disclose the submission and open up the city-owned site to other developers.

The Broward County Property Appraiser's office lists a market value of more than $5.5 million, an amount that normally is lower than true market value.

Proposals are due 3 p.m. Aug. 24 at the city clerk's office at 2600 Hollywood Blvd.