The Houston City Council approved an ordinance authorizing a marketing agreement between the City of Houston and Newmark Real Estate of Houston, LLC to assist with the sale of approximately 14.95 acres of city-owned land located at 12606 Cityscape Avenue. The agreement follows the expiration of a previous contract with CBRE, Inc. and aims to secure a buyer through active marketing efforts. Under the agreement, Newmark will develop marketing materials, advertise the property, install signage, identify potential buyers, and assist with the sale process. The city will pay a commission of 3% of the sales price or 4% if the buyer is represented by another broker. The agreement is set to expire on June 30, 2025, or upon the completion of the sale.
This agreement enables the city to attract developers and investors for the sale of publicly owned land, potentially generating economic development and increasing property tax revenue. The use of a broker ensures targeted outreach and a higher likelihood of securing a favorable deal.