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.
When we are talking about residential units downtown don't forget that there is a 22-story building that is half occupied (yes that is the optimist in me) sitting in the heart of downtown with what I think are the best views in town. I bought a unit in there right after then went back on the market in 2014. It is rented during session and then it allows me to use it during football season. When I come to Tallahassee during the "off-season" I notice most of the parking garage is empty as well. I think many of the owners have bought them as investments, as I have, and use them during football season.
A solution to filling up the building would be to have a large Real Estate Investment group buy some of the units and then rent them out. This will put heads in the beds rather than having the units be vacant for 8 months out of the year. I do understand that the market might not be ripe enough right now for a large rental market downtown due to lack of some essential amenities, but as soon as the Publix on Gaines opens and this project (107 W College) opens with what could be a cool roof top concept with office space it might change. Not to mention the development of Washington Square, IMO will be a BIG boost to Downtown. Also to CRA has an RFP out for the Bloxham and Firestone properties. What what the RFP is looking for and the criteria that is mentioned in it, this could be a big boost to Cascades Park as well as Downtown as a whole.
There are a lot of great things happening downtown. Not all projects are going to be large in size. 107 W College is a prime example. It is taking an old vacant building in the heart of Downtown and activating it, which will bring more people and amenities downtown.