Real Estate manages approximately 105 leases for office buildings, grounds, parking garages, encroachments, streets, bridges, tunnels, and fiber optic agreements. Real Estate supports a database of 2,600 City-owned parcels and 322 City facilities.
Real Estate acquires and disposes of real property or interest in real property as well as acquiring land or facilities and/or the sale of excess city parcels, easements, and rights-of-way.
Real Estate negotiates and acts as project manager for all City leases concerning real property. Additionally, Real Estate provides services such as analyses, performing feasibility studies, the preparation of land valuations, and directives related to the development of future projects.
PROCEDURES FOR PURCHASING SURPLUS CITY PROPERTY
Real Estate encourages all citizens that have an interest in city property to adhere to the following process as first steps in acquiring Surplus City property.
- Set an appointment for viewing of the property.
- Submit a Letter of Intent to Purchase which is non-binding to the City of Memphis Real Estate Service Center to the attention of the Real Estate Manager.
- Secure funding for acquisition based upon the offer you would like to present.
- Present your ‘Offer to Purchase’ to the City of Memphis Real Estate on the prescribed forms with 10% Earnest Money and Financial Commitment Letter.
- If attempting to purchase as a non-profit, present the packet to the City of Memphis Real Estate with the department’s proposed questions with supporting documentation.
All Letters of Intent / Offers to Purchase MUST be submitted on City forms only, and will be reviewed in accordance with the “City Ordinance” prior to any decision being made in acceptance of the offer by the Manager of the Real Estate Service Center.