Tallahassee update presented by Ed Murray
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Updates on development, construction and real estate in Tallahassee.
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Tallahassee update presented by Ed Murray
- 2. TALLAHASSEE UPDATE PRESENTED BY: NAI TALCOR E. Edward Murray, Jr. 908 GROUP GREENPOINTE Grady Miars Brad Wolfe Chris Kuhn
- 3. NORTH
- 4. BRADFORDVILLE TALCOR.COM ON MARKET NEW APARTMENTS
- 8. KILLEARN COUNTRY CLUB TALCOR.COM
- 9. EAST
- 10. SUMMIT EAST TECHNOLOGY PARK ARBOR @ VINELANDS CROSS CREEK APARTMENTS I-10 & MAHAN TALCOR.COM THE HEEL
- 14. ABOUT Founded in 2008 One of the largest privately held residential developers in Florida 17 Master-Planned Communities | 9 Counties 18,500 Single-Family Homesites 3,500 Multi-Family Units 800,000 SF Commercial | Retail
- 15. CORE INITIATIVES Environment • Never predictable or static in design • Respecting the land, protecting and enhancing nature’s best assets Community • Creating community is the heart of our business • Designs that provide social engagement, comfort, inclusiveness and an authentic sense of place. Connectivity • Physically connected by trails and gathering spots • Socially connected with robust lifestyle program Stewardship • Preserve the land’s heritage while embracing the future • Cultivating collaborative conversations about vision and programs
- 16. COMMUNITY TRENDS • Natural trail systems for hiking and biking • Parks and green spaces • Village centers, café, retail services for gathering & socializing • Health, fitness & wellness focus • Well-planned amenity hubs • Multi-generational living • Robust lifestyle program | Events
- 17. VARIETY OF WALKING, HIKING AND JOGGING PATHS GREENPOINTE ADVENTURE TRAILS BIKE SKILLS TRAILS
- 18. GREENPOINTE INTERCONNECTED PARKS PASSIVE PARKS & GATHERING SPACES EVENT SPACE
- 19. GREENPOINTE PLAYGROUNDS & ADVENTURE ZONES POOLS AND GATHERING SPACES FITNESS STUDIOS VARIETY OF SPORTS COURTS
- 20. WHY TALLAHASSEE • Fastest-growing economics per capita of any Florida city. Projected at 53k addt’l residents by 2045. • Low inventory and extremely high demand. Shortages inhibit economic growth. • Mixed use master-planned communities is a market that is not being adequately served • Solid foundations of jobs between government, multiple universities and growing commercial sectors
- 21. THE HEEL
- 22. THE VISION • Concentration of town center, commercial/retail and office fronting Mahan Drive (US-90). Proximity to I- 10 access. • Residential to north to include single-family and estate homesites and multi- family high density town homes and apartments • Connection to Miccosukee Greenway. Creating connection for residents and surrounding community drives value for long-term success
- 23. MIDTOWN
- 24. N. MONROE TALCOR.COM FUTURE POLICE STATION WINGS N’ THINGS FREE STANDING RESTAURANT WENDY’S COOKOUT 7 BREW
- 26. SOUTH
- 27. SOMO WALLS TALCOR.COM • $10 MILLION 2.3 ACRE REDEVELOPMENT • $4 MILLION DISTILLERY • 16,200 SF DISTILLERY • OPENING IN DECEMBER 2023
- 28. ORANGE AVENUE TALCOR.COM COLUMBIA GARDENS AT SOUTH CITY | 290 UNITS IN 2 PHASES | COMPLETED FALL OF 2024 S MONROE ST E ORANGE AVE
- 29. ORANGE AVE SUPERSTOP TALCOR.COM
- 30. ORANGE MERIDIAN PARK TALCOR.COM
- 32. DOWNTOWN
- 37. E. Gaines St S. Duval St CIVIC CENTER CHEVRON 180 KEYS JOHNS 220 KEYS FUTURE BUSINESS SCHOOL STATE CAPITOL Monroe St Valencia Hotel Group GAINES ST CORRIDOR TALCOR.COM
- 40. 908|-sroup
- 41. HISTORY Founded 2010 LIHTC Student Housing 2014 UT-Knox 18 Projects over $1B since 2014 10 Universities 5 in Tallahassee over $315M 5 in Pipeline over $200M
- 42. 2 1 3 4 5 6 PROJECTS 1. THE NINE AVG RENT / BED $1,103 3. STATEHOUSE ARENA AVG RENT / BED $1,047 5. THE CAMPBELL ON NORTH AVG RENT / BED $1,041 2. STATEHOUSE VARSITY AVG RENT / BED $1,033 4. THE CAMPBELL ON SOUTH AVG RENT / BED $1,054 6. 650 W GAINES AVG RENT / BED $1,094
- 43. THE NINE Project Type: Student Housing Units: 104 Beds: 439 Delivery Year: 2019 Total Cost: $48M Sale Price 2019: $61.4M Cap Rate: 5%
- 44. STATEHOUSE VARSITY Project Type: Student Housing Units: 48 Beds: 228 Delivery Year: 2021
- 45. STATEHOUSE ARENA Project Type: Student Housing Units: 90 Beds: 376 Delivery Year: 2021 Total Cost: $73.6M Sale Price 2019: $78.6M Cap Rate: 4.75%
- 46. THE CAMPBELL ON SOUTH Project Type: Student Housing Units: 84 Beds: 362 Delivery Year: 2023
- 47. THE CAMPBELL ON NORTH Project Type: Student Housing Units: 84 Beds: 345 Delivery Year: 2023 Total Cost: $97.1M Sale Price 2023: TBD Cap Rate: 4.5%
- 48. 650 W. GAINES Project Type: Student Housing Units: 182 Beds: 693 Delivery Year: 2025 Total Cost: $110.6M
- 49. WHY TALLAHASSEE / FSU 25,000+ Enrollment with Enrollment Growth Power Five Conference in Southeast or Southwest U.S. Limited University Residence Hall Construction and Apartment Supply Highly occupied comparable properties with early pre-leasing cycle Rents above $850/bed with annual rent growth of at least 3% Excellent Location Opportunity Zone Pro-business real estate taxes
- 50. NEW PROJECTS COMING SOON! - 2026 950 BEDS / BED $1,211 LEGACY HALL
- 51. PURPOSE-BUILT
- 52. LUXURY POOL & FITNESS
- 53. Bed Bath Parity – By-the bed leasing, only guarantee your bedroom Location – Walking distance to campus Safety – Nightly patrol, access control, staff on-site Luxury Amenities – Pool, fitness, private study, gaming High end Unit Finishes – Granite, stainless, in-unit laundry, 55” TV On-site secured parking – 50% parking space/bed ratio About half students don’t own cars. No car/insurance payment PURPOSE-BUILT
- 54. CASCADES TRAIL TALCOR.COM 213 UNITS | 636 BEDS
- 55. TENNESSEE STREET
- 56. 440 NORTH > INDUSTRY TALCOR.COM 428 SF | STUDIO | $1,721 2,080 SF | 3 BEDROOM | $4,325
- 57. TESLA TALCOR.COM
- 58. RANGE ROVER BMW JAG TALCOR.COM
- 59. WEST
- 60. 200,000 SF 200 JOBS 40,000 SF 600 JOBS INNOVATION PARK TALCOR.COM
- 61. TALCOR.COM Rental Car Quick Turnaround Facility TLH INTL AIRPORT International Processing Facility
- 62. TALCOR.COM AERO CENTER • $15 MILLION INVESTMENT • 15,000 SF FACILITY • 25,000 SF HANGAR
- 63. TO LOOK OUT FOR TRENDS
- 66. CAR WASH TALCOR.COM = NEW = EXISTING
- 67. OFFICE TRENDS TALCOR.COM “The death of the office desk is upon us” “The office is dead” “The future of remote work labor experts weigh-in”