CRA sells property for College Town development

Interesting moves for area near stadium

CRA sells property for College Town development


The Community Redevelopment Agency sold a parcel of land on Gaines Street for $788,000 to North American Properties - Southeast Inc., a developer feeding the frenzy in student housing within College Town.
The transaction was approved Thursday by the CRA board, made up of city and county commissioners. The lot is located at 715 W. Gaines St. near Stone Valley Way, and it's appraised at $770,000. CRA documents indicate North American Properties sent an unsolicited letter that outlined its interest to purchase. CRA staff then issued a public notice to sell the property. North American Properties was the only respondent and offered $18,000 more than the appraised value.
“This is well done. We had an unsolicited offer and competitive process. Now we have a respondent who’s going to pay $18,000 more than the appraised price,” City Commissioner Scott Maddox said. “They’ve been a partner there, and that’s exactly how this process should work.”
College Town's explosive development sparked an increase in student housing. While it doesn't have a name at this time, the newly purchased land is slated for a 377,025-square-foot development with 123 housing units, 25,000 square feet of retail space and 992 parking spaces.
North American Properties, founded in 1954, is a real estate operating company with properties in several regions across the country. It has developed and managed more than $5 billion in properties involving retail, housing and commercial space.
Shawn McIntyre, senior vice president at North American Properties, said the Gaines Street property was key in a larger plan to acquire four pieces of property needed in that immediate area of College Town.
“This was the hole in the doughnut, the linchpin for this piece. Now that that’s been approved, I can sign that project and move forward,” McIntyre said.
“We’re densifying the Gaines Street corridor in accordance with basically 20 years of planning," McIntyre said. "If you look at our investment in Gaines Street, which is now over $200 million, we have raised property taxes from probably $20,000 to $35,000 per year to over a $1 million a year."


http://www.urbantallahassee.com/index.php/theforum/viewtopic.php?p=34249#p34249

area with potential road reconfigure

"They may be relocating Stone Valley Road because the proposed development seems to be bigger than what they can fit on that lot alone (715 Gaines). Here's a comparison of this development versus The Block and The Deck based on the information I could find on Urban Tallahassee.

New property: 377,025-square-foot development; 123 housing units; 25,000 square feet of retail space; and 992 parking spaces.
The Block:         99,827-square-foot development; 116 housing units; 13,000 square feet of retail space; and 238 parking spaces.
The Deck:                ???-square-foot development; 221 housing units; 20,187 square feet of retail space; and ??? parking spaces."

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Tri States Automotive is on one parcel to the west of Stone Valley. Next parcel includes the land on the east of Stone Valley that currently has Train. Fight. Win. Fitness and MMA. FSU Multidisciplinary makes up the 715 parcel. East of the 715 parcel is two sub parcels that make up Scott-Burnett contracting and its warehouse.

https://goo.gl/maps/ryJB86tCKJA2