At a recent meeting, Milford City Council approved an exclusive sale listing agreement with NAI Emory Hill Real Estate Services for the sale of lots in the new Milford Corporate Center. The agreement will allow Emory Hill to advertise and sell lots within the complex.
“To give a little bit of history, back in February 2022, council entered into a Memorandum of Understanding with Tsionas Management Company and NAI Emory Hill for the development of the Milford Corporate Center, Phase One,” Rob Pierce, City Planner, said. “This included professional assistance with the development of the concept master plan and evaluation of off-site improvements.”
In September 2024, council authorized a master development agreement with TEH LLC, which was essentially the two entities combined under one entity, Pierce explained. The second agreement outlined brokerage, marketing and management rights for the center.
“This is an exclusive sale listing agreement for city council’s consideration,” Pierce said. “The agreement is an initial 12-month term with an option for a 12 month renewal. After that, we would have to bring it back to council for another vote. The city would pay a commission of five percent of the gross sale price for lots within the corporate center at the time of the settlement. If the transaction is co-brokered, the city would pay a one percent override commission of six percent which would be equally shared.”
Pierce stated that this was similar to the arrangement in place for the sale of lots within Independence Commons and the Greater Milford Corporate Center on Airport Road.
The Milford Corporate Center is located on the corner of Milford Harrington Highway and Canterbury Road. The 147-acre site will feature 27 parcels ranging in size from three to eight acres each. The project was designed for a wide range of business uses, from small offices to large industrial businesses.
Walking trails, trees and ponds are also planned in the facility with the trails open to the public. The project received $2.7 million in grant funding from the Delaware Site Readiness Fund for road improvements that will be essential in the area.
