Slate selected as preferred beachfront developer, negotiations set to start

Council members at a Committee of the Whole meeting this morning approved next steps in the redevelopment of town-owned land at the main beachfront.

Committee unanimously approved Slate Asset Management L.P. as the preferred developer and authorized staff to assemble a team to negotiate with Slate the purchase and sale terms for the property. This recommendation will now go to council for ratification on May 25.

“I am excited that committee has agreed with the evaluation team’s recommendation to proceed with Slate Asset Management LP as the preferred developer.  As I indicated in an update to the community on Monday, we have reached an important mark in the process of redeveloping our beachfront,” Mayor Nina Bifolchi said. “Now the negotiation period begins with Slate to work out the many important details about how this project will unfold. This includes price, phasing, and timing. We have reached this current stage through a process rooted in integrity and fairness and we shall maintain that approach throughout the negotiation period.”

The town used a Request for Proposals process, launched in November 2020, to identify Slate Asset Management L.P. as the preferred company to develop municipal property at the waterfront, just south of Beach Drive.

During the RFP process, the town’s evaluation team conducted a detailed technical review of proposals, followed by presentations to council. Through the review and presentation process, it was determined that Slate Asset Management proposed the best vision.

Prior to the RFP process, the town conducted a Request for Expressions of Interest exercise, which launched in 2019. Slate was one of the companies short-listed.

Slate is proposing a phased approach to the redevelopment, starting with mixed-use buildings, townhomes, and mid-rise condominiums. Landscaped areas, patios, and pedestrian walkways are an important component of the phased development.

Following successful negotiations with Slate, there will be opportunities for the community to learn more about the project.  If the town is unable to move forward with Slate, it will invite the developer that finished second in the RFP process to participate in negotiations.

About Slate

Slate Asset Management is a leading real estate focused alternative investment platform with approximately $6.5-billion in assets under management. Slate is a value-oriented manager and a significant sponsor of all of its private and publicly traded investment vehicles, which are tailored to the unique goals and objectives of its investors. The firm's careful and selective investment approach creates long-term value with an emphasis on capital preservation and outsized returns. Slate is supported by exceptional people, flexible capital and a demonstrated ability to originate and execute on a wide range of compelling investment opportunities. Visit the company’s website to learn more.

Project background information

For a detailed look at the municipality’s efforts to redevelop town-owned land at the main beachfront, see our project page. 

The page includes background information, including the various steps taken to date, plus related staff reports.

Staying informed

Stay up-to-date on this project by visiting our project page regularly. Visit the page and sign up to receive e-mail updates from us whenever we add new information.

Watch our meetings

You can also stay informed by watching council meetings on the town’s YouTube Channel.