Owner: MSMM Holdings, LLC
Design: Architects Lewis + Whitlock, PA
Value of Improvements: TBD
Description: Proposed for a .120 acre parcel on W College Avenue in Downtown Tallahassee, the project calls for the redevelopment of the existing improvements to include an overhaul of the current facade, and the construction of up to 6,290 SF of retail/office space with a 1,310 SF rooftop terrace. The existing building was constructed in 1920 and is currently faced with an iconic "Tallahassee Florida" postcard mural that the developer hopes to preserve possibly to use elsewhere on the project site. Proposed improvements may top 3-stories.
1.) Seller really wants to sell these properties along with building located at 124 W. Jefferson St
2.) When marketing the lot fronting College, Duval and Jefferson the land costs needed by seller for the entire rectangular shaped piece were too high and was too much land for most end users within the DT space. Therefore, we made the decision to subdivide the property thus making land costs much more reasonable/feasible for a smaller scale project. This thought process obviously proved to be accurate, the FPL transaction supports this
3.) The remaining parcel at corner of College and Duval is still large enough to support a large scale project. See previous posts RE: DT Hotel on College. That concept and product was a viable project but investors/equity got a little scared about current hospitality space given projects under construction and others in pipeline. This has also proved true for the proposed Hyatt that I was involved in as well.
Hopefully this helps shed some light on all of this. Let me know if either of you have any outside the box ideas that may work for 107 College space. I am open for ideas and would ultimately like to see a retail component/s at ground floor. My hope is I have the flexibility to accomadate retail tenants at a reasonable lease rate rather than pricing them out of market which is what we are seeing now.
Is this moving forward? Would love to see this project get off the ground. It think it is one of the few projects within the Downtown CRA that isn't asking for funds