GSA will offer more federal property for sale to raise construction funding
The General Services Administration says it's dramatically stepping up efforts to sell off underused federal properties to help finance federal construction projects, building renovations, and new leases. Last fiscal year, GSA sold 79 properties for more than $37 million, and gave an additional 35 to state, local, or other federal agencies. This year, GSA will likely exceed those numbers.
Some of the properties have been scooped up for major rehabs. One recent example is the 38-year-old federal building in Moscow, Idaho. Put on auction last month, the building generated a late flurry of bids that netted $2.4 million for GSA. The condition of the building did not deter Gritman Medical Center from bidding. The board of directors knew the building was a good opportunity, despite the need for about $3 million in renovations. The building may be used for administrative operations and will play a role in the hospital’s continued expansion.