Prime Redevelopment Opportunity
Also listed as Special Purpose, Business Opportunity
|Catylist Listing ID:
Hospitality, Industrial, Multi-Family, Office, Residential (Single Family), Retail, Retail-Pad, Vacation/Resort, Other
|Gross Land Area:
||$1,715,686 Per Acre
Overview / Comments
The property is an impervious ½ block (1.02 acres) of land primed for redevelopment, located in between Midtown and Downtown Tallahassee and 3 blocks south of the Florida Governor's Mansion. The 9,078 SF structure on site is generating a net operating income of $101,200 a year with only 1 year remaining on their lease, thus providing the potential developer a steady cash flow during the permitting process.
A key improvement to this immediate sub‐market will be significant infrastructure improvements dubbed the Governor’s Walk Project. This project will be funded by the City’s 2020 Sales Tax extension and will include enhanced sidewalks, landscaping, lighting and crosswalks, and reconstruction of the existing asphalt pavement.
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