The city of Riverside is on the verge of entering into a relationship with NAI Global to help market a proposed $10.5 million, 65,000-square-foot office building that is the first piece of the Center of Flight project.

NAI officials are planning to make a presentation at Thursday night’s work session, and City Council is expected to vote on whether the city should sign a listing agreement with NAI for the five-acre site and concept of the building.

There is no cost to the city if it decides to enter into this agreement.

“They’ll sell the idea on our five acres of ground, with enticements or inducements,” said Bob Murray, the city’s director of planning and economic development. “Maybe the land is free in exchange for the three-story building? We would benefit from the real estate taxes and income taxes. We feel that would be a catalyst for further development on the site.”

More than $5 million has been spent on the Center of Flight project in the last 10-plus years — roughly $988,000 in grants and the rest out of city funds, City Manager Bryan Chodkowski said. That total figure includes property acquisition, demolition, clean up and a relationship with Forest City Enterprises for consultation.

The city owns about 22 acres contiguously as well as other pieces of land in the Center of Flight area, which is across the street from the National Museum of the United States Air Force.

The city has said that when complete, the 25-year, $425 million project — featuring office, hotel, residential, retail, restaurant and educational components — is projected to generate $25 million in annual revenue. A Comfort Suites hotel is currently on the site.

The office building would be designed to house defense contractors to complement Wright-Patterson Air Force Base, city officials said.

“When we market it, we’ll keep as many doors open as possible,” said Russell Maas, a principal with NAI. “We’ll never back anything out of the question because businesses need to be competitive. The best way to be competitive is to have new opportunities or new ways of doing things that are more efficient.”

NAI has 350 offices around the country, 5,000 employees worldwide and completes $45 billion annually in real estate transactions, Maas said.

“We’ll be marketing not only that site, but the Riverside area, the base, the activity that occurs at the base,” he said. “The vast majority of it will go through the 350 offices around the world where we have contacts with prime defense contractors or sub-contractors.”

In April, Riverside did not receive one of the seven Job Ready Sites grants from the Ohio Department of Development. The city was hoping to be awarded a $3 million grant.

“That project is still marketable without the grant, but we need investors and a broad audience,” Murray said. “NAI has the broadest audience possible, with connections with Air Force bases. We’re not going after grants, but we’re still trying to make it a reality. We hope someone builds a building for us.”