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The Floridan

Florida

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in Tallahassee

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  • 3 weeks later...

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Florida Megalopolis

Florida

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This project is a sure sign that downtown is waking up. Imagine an entire City Block being developed at once! This is about to happen, and it feels great! I'm thinking how awesome it is that this site served as a support site for the Tennyson people, then it gets developed itself. Now all these people have to do is use that BP station across the street to rest their trailor, and see if we can't get someone to take a bite out of that!

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  • 2 months later...
  • 1 month later...
Florida Megalopolis

Florida

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Tallahassee, FL

Floridan UPdate

4.11.07

TennysonPenthouse017.jpg

This morning I had the pleasure to speak to someone regarding this project. I recieved a little information which may encourage some and discourage others at the same time.

First:

  • The YATES Trailer on the site is not there for the Floridan Project. YATES, as you all remember was the builder of the Tennyson, and they've been called to do a spot job on that building.

    • The hotel is a solid go.

    • The retail component of the Office building has yet to be configured as the developer gets a feel for the demand of the space at this location.

    • Previously we mentioned Jason's Deli, Starbucks, Florida Commerce Credit Union as possible occupants of the ground floor space according to a document previously submitted by the developer to the city.

    • Project is expected to be completed some time Next year (2008).

    • No General Contractor has been chosen.

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poonther Town

poonther

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Thanks for the update TJ.

Sorry to hear that the trailer is not there for this project.

Happy to hear the hotel is solid! Is it still gonna be an Aloft?

I hope Jason's and Starbucks are still on board.

And being a pessimist when it comes to construct deadlines, I'll say construction will not be completed until 2009.

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  • 3 weeks later...
thetoolman Whistle-Stop

thetoolman

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I called the agent to get some details on the office space. They are marketing office condos for sale at $300/sq ft (includes $25 for tenant improvements). This would put the price for a floor at about $2.8M. They are also leasing for $30/sq ft NNN. Which is $2 higher than the current highest rent which is the Highpoint Center at $28. The rates were dated 9/15/06, but sent to me yesterday.

They list 90,000 sq ft of office and 12,000 sq ft of retail.

I would be pretty interested in an office condo for my company, but $300/sq ft is pretty steep. I compared to some non-downtown options, and found new construction at around $220/sq ft, with no buildout budget, and not nearly as cool as the Floridan.

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Florida Megalopolis

Florida

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Plus we're talking a triple net lease which would probably be very beneficial with the rising cost of property insurance, utilities and such. That's not a bad idea. Also... have you been to the Highpoint Center lately??? Not exactly the best thing going downtown anymore. I'd say the SunTrust building is probably much nicer.

I don't know, if I had a company I'd buy a floor in this building. Especially considering the history behind the name and the strong location. That's what, nearly 9000-10000 for $2.8 Mil? and They want $1.2 Mil for a 2000 sq. ft. Penthouse suite at the Tennyson across the street? Sounds like a bargain to me.

:)

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Florida Megalopolis

Florida

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BREAKING NEWS!

UP{sodEmoji.{sodEmoji.|}}Tallahassee Exclusive

Classified Source:

The hotel & office building that was supposed to be built at Tennessee and Monroe... They are going ahead with the hotel, but holding off on the office building b/c they are unable to get preconstruction leases.
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csmurphy8885 Burg

csmurphy8885

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Bad news...

I doubt something better will come without funds...

I bet If the city invested some time now (while there is empty lots on 2 corners) into some car traffic reduction measures the value of monroe and tennessee street properties (and tax revunue) would increase...

Parking garage?

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Florida Megalopolis

Florida

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Well part of this project will include a Parking garage. It will be built in the spill-over area of the StarMetro terminal. Both The Floridan and Tennyson people were eagerly awaiting this new garage because of the retail options it would open up. The Hotel on this corner is still moving forward, just not the Office building... at this time. My only concern is wether or not they will modify the design of the hotel to compensate for the missing office building on this site, or will they move forward with what they already have. I wouldn't mind THIS being the site of Tallahassee's full service hotel.

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Florida Megalopolis

Florida

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I did also. I think the office tower was the selling feature because of the way it captured the corner and because of it's height. I don't think it's completely out of the story, I just think the construction will begin with the hotel and the officer tower will follow much later.

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poonther Town

poonther

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Bad news! Glad the hotel is still going to happen, but sad to see this office bldg. which appeared to be "first class" be tabled for now while the substandard and less appealing "brick monster" will rise above Monroe before this one.

Looks like T-man may have given us insight as to why they had poor pre-leasing....the cost.

Oh well there goes my neighborhood Starbucks and Jason's Deli. :(

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