http://www.urbantallahassee.com/index.php/projects1/item/969-project-garnet
Location: 1607 Belle View Way, Tallahassee, FL 32304
Status: PROPOSED
Owner: Seminole Boosters, Inc.
Design: Nequette Architecture and Design
Contractor: Capstone Development Partners, LLC
Website: ONLINE
Value of Improvements:
ETA:
Description: Proposed for a vacant 7.58 acre parcel at the intersection of BelleVue Way and Hayden Road is the construction of a 192-unit (619) bed apartment complex with a 7,500 SF clubhouse. The development would include (50) 1-bedroom, (20) 2-bedroom, (12) 3-bedroom flats as well as (57) 4-bedroom and (53) 5-bedroom townhouses that will be rented on a per-bed basis. Buildings within this development expected to be 4-5 stories tall. The project site is zoned University Transition and is located within the Multi-Modal Transportation District.
https://www.google.com/search?source=hp&ei=Nq_8WcfYBoKKmQHW5YPQBA&q=1607+Belle+View+Way%2C+Tallahassee%2C+FL+32304&oq=1607+Belle+View+Way%2C+Tallahassee%2C+FL+32304&gs_l=psy-ab.3...940.940.0.2033.2.1.0.0.0.0.105.105.0j1.1.0....0...1.1.64.psy-ab..1.0.0.0...0.yxLIKaeGFsA
Owner: Seminole Boosters, Inc.
Design: Nequette Architecture and Design
Contractor: Capstone Development Partners, LLC
Website: ONLINE
Value of Improvements:
ETA:
Description: Proposed for a vacant 7.58 acre parcel at the intersection of BelleVue Way and Hayden Road is the construction of a 192-unit (619) bed apartment complex with a 7,500 SF clubhouse. The development would include (50) 1-bedroom, (20) 2-bedroom, (12) 3-bedroom flats as well as (57) 4-bedroom and (53) 5-bedroom townhouses that will be rented on a per-bed basis. Buildings within this development expected to be 4-5 stories tall. The project site is zoned University Transition and is located within the Multi-Modal Transportation District.
https://www.google.com/search?source=hp&ei=Nq_8WcfYBoKKmQHW5YPQBA&q=1607+Belle+View+Way%2C+Tallahassee%2C+FL+32304&oq=1607+Belle+View+Way%2C+Tallahassee%2C+FL+32304&gs_l=psy-ab.3...940.940.0.2033.2.1.0.0.0.0.105.105.0j1.1.0....0...1.1.64.psy-ab..1.0.0.0...0.yxLIKaeGFsA
Sweet.
ReplyDeleteWhere will all those Boosters park for games though?
At 619 beds: If 600 are leased at $800/month (cheapest rent in College Town is going for $809/month), and full-year, 12-month leases are required, that's $5.76M/year in leases. And fyi, the average lease rate in College Town is significantly higher than $809.
That is some serious money.
I know Boosters have to pay back construction costs/loans, and pay for whatever management company they've got, but holy buckets. I didn't realize we were talking that kind of money.
All I know is they are projecting something like $2-3M/year in profit for College Town based on the presentation as the BoT meeting. I guess that actually makes sense considering I think each phase of CT is about 200 beds apiece, and PG is 600+.
Now if only our AD and Football coaching staff were as good at their jobs as Boosters are.
Well written. FSU boosters are doing a great job diversifying revenue streams. They don't get enough credit for it.
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