CRA approves land, building swap with FSU (Arena District News)

CRA approves land, building swap with FSU

"The Community Redevelopment Agency solidified an agreement with Florida State University this morning that would put a set of buildings adjacent to Cascades Park in the hands of the CRA.
FSU would transfer the Firestone Building and the Bloxham Annex, which look out over the park, to the control of the CRA in exchange for a 5.3 acre lot next to the Civic Center, which came under the control of FSU last year.

In the proposal the O’Connell property, the empty, treed lot just south of the Civic Center, would be sold to FSU for $960,000 and include the transfer of the buildings near the park that have a combined appraisal value of $4.85 million.

According to the CRA agenda, the transfer would begin a process of redeveloping the buildings, which are now empty.

City Commissioner Andrew Gillum, who has spearheaded the swap, said there is little downside.

“We think this is a good deal,” Gillum said at the CRA meeting this morning, noting the development potential for retail and residential properties along Cascades Park.

FSU began developing a plan for an arena district surrounding the Civic Center in 2013 that would include a hotel/convention center, a home for the School of Business, classrooms and office space with the potential to also build entertainment and retail.
The Arena District is also part of a large-scale project by FSU to develop a link between the Civic Center and Doak Campbell Stadium along Madison Street, dubbed the Madison Mile.

The development of the O’Connel property and the Madison Mile are expected to stimulate economic growth in the area.

An analysis of the properties by the FSU Real Estate Foundation in February showed that after a capital investment of $250 million, 4,000 jobs and $400 million in economic stimulus would be created during the construction process and in the years following, 1,000 jobs and a yearly $100 million would flow into the community.

One caveat of the sale of the O’Connel property would funnel funds into the Frenchtown/Southside Community Redevelopment Trust Fund for reinvestment into that portion of town."