Situation

The City of Hollywood had concerns about the COSAC Homeless Assistance Center’s program having 327 homeless people spread out throughout its street corners legally selling the “Homeless Voice Newspaper”. The City faced home and business owner complaints and an impact on tourism being in close proximity to the Fort Lauderdale-Hollywood International Airport, Port Everglades, Cruise Lines and Hollywood’s Beach, which is its top economic engine.

Strategy

Over the course of a few months, we negotiated agreeable terms and conditions, which ultimately required going before the City Commission to obtain final approval. The City Commission unanimously voted in support of the purchase of COSAC Homeless Assistance. We negotiated with the City of Hollywood to pay COSAC Homeless Assistance Center, Inc. the total sum of $4.82 million. Tobin Real Estate represented COSAC in this transaction and waived its commission of $144,600 for the betterment of the community.

Results

Upon closing on this transaction, Tobin sold COSAC Homeless Assistance Center to the Stay Plus Inn in Haines City, Florida for $2.1 million. COSAC moved its entire operation and all of its clients to a beautiful 120-room property and facility, thereby creating enhanced services and superior living amenities and ultimately a better outcome for everyone.