Disposition and Bid Process
Greystone handles most of the MBTA’s dispositions of public property and assets such as sales of surplus land, leases of commercial and concession space and licenses for ATM and vending facilities in stations and employee areas. To serve the MBTA effectively in this capacity, Greystone has developed a consistent and streamlined process for agency approvals and public bidding.
MBTA Disposition Approval
Requests to purchase or lease MBTA property requires departmental review and approval, which can take 30-45 days.
Most of these dispositions require a public process that is transparent and demonstrates protection of public money and assets. These public processes typically involve a number of steps that include:
- Public notice
- Time period for questions and answers
- Specified due date and time
- Time period for the agency to review the package and check information and conduct any necessary due diligence prior to award
- Finalization of legal instruments such as leases, licenses, purchase and sale agreements and deeds.
- Agency approval of final terms and documents. This often includes a vote by the board of directors.
This process may take 4-6 months for simple dispositions from the public announcement through closing. More complicated offerings may require extensive site investigations and other buyer due diligence, which may take 6-9 months. Dispositions involving new development may also include time for permitting, possibly extending the process.