McIntyre auction bidding goes up to $8 million
PORTSMOUTH — Bidding for the Thomas J. McIntyre federal building in downtown Portsmouth hit $8 million Monday mid-afternoon.
Bidder No. 1, whose identity has not been made public, posted the $8 million bid Monday for the 80 Daniel St. property, outbidding the previous high bid made earlier Monday afternoon.
The General Services Administration, which owns the 2.1-acre property, extends the online auction by 24 hours every time there's a new high bid.
Bidder No. 4 made a $7,877,777 million bid earlier Monday afternoon, less than an hour before another deadline set by the GSA. Each bid must be at least $50,000 higher than the last, according to the auction's rules.
There have now been 22 bids made since the auction began, with 21 of them posted in the last seven days.
GSA started the online auction on June 20 for the property, which is also located close to the city's popular waterfront.
Until Monday, Sept. 25, they had received just one $5 million bid for the site and the existing five-story federal building, but the bidding took off as the first deadline date of Wednesday, Sept. 27 approached.
Paul Hughes, a regional public affairs officer with the GSA, explained recently that the agency typically does not name the developers and or companies who are bidding on a property.
If the GSA ultimately accepts a high bid, they will release the name of the buyer then, Hughes said.
“Once the auction ends, GSA will consider an award to the high bidder; however, GSA has the right to accept or reject any and all bids,” Hughes said.
But the auction won't end, he said, until 24 hours pass without a new high bidder.
The city tried for the past several years to secure the McIntyre property for $1 through the government's Historic Monument Program.
GSA dropped Portsmouth from that program earlier this year when the city and its private development partner Redgate/Kane couldn't agree on a redevelopment plan and subsequently sued each other.
The City Council earlier this summer also hired a Washington, D.C. law firm to try to help convince the GSA to give the property to the city for free.
The City Council has maintained that they should be allowed to acquire the property because of federal legislation passed by former U.S. Sen. Judd Gregg. But the GSA has consistently disagreed with the city and has continued with the online auction despite the city's efforts.
Mayor Deaglan McEachern was scheduled to give an update on the McIntyre proceedings from the city's perspective at Monday night's City Council meeting.