Ok, perhaps that title was a little edgy, and if you were looking for the latest discussion on what celebrity is gracing the doors of the Betty Ford Clinic…then I’ll go ahead and let you down now. This isn’t that diatribe. Today’s post will focus on the recent trends in the Tallahassee and the North Florida Panhandle area of building rehabilitation and renovation, as an investment strategy to enhance a property positioning in the marketplace, and increase cash flow and occupancy.
The Tallahassee commercial real estate market has seen a resurgence over the last year in retail and office properties that have undergone varying levels of rehabilitation, renovation, and rebranding in the market place, to bring them back to life. I will showcase several of the more interesting projects that are currently underway.
Park Centre – Retail Development in Tallahassee
Park Centre is a nearly 33,000 sf office property located in the heart of Tallahassee. For many years it was home to state agency tenants and other businesses that desired a great location and cheap rent. The project is currently undergoing a complete exterior facelift and interior common area upgrade and will be reintroduced to the marketplace as Park Centre at Magnolia Grove. Magnolia Grove is an exciting new retail development at Magnolia Drive and Park Avenue that will feature many new retailers, such as Starbucks, Blaze Pizza, SmashBurger, Which Wich and several others.
College Station – Renovations Bring New Office Space & Restaurant Concepts
This mixed use retail and office property is undergoing a major exterior facade renovation as well as a renovation of the upstairs area into exciting new office space. For years, this was known to many as PoBoys Creole Cafe and Deeb Hats. When the project is complete, there will be two new restaurant concepts in the street level spaces that will open before the 2015 Florida State Football Season
Parkway East – New Renovation Targets Tech Companies
Once home to the Department of Transportation, this building has just completed a modern exterior facade renovation, an interior common area renovation, and buildout of the new Headquarters for Diverse Computing and Rocket Daddy. The design of the interior spaces is truly “night and day” from where the building used to be and is now, poised to attract other synergistic tech companies desiring modern and open layouts.
City Centre – Enhancements to Office Building in Downtown Tallahassee
City Centre is an 8 story, 153,000+/- sq. ft. office building in downtown Tallahassee that has been in need of an upgrade for many years. Its now underway with the exterior facade work nearly completed. Also planned are common area improvements and enhancements to the 500 space adjacent parking garage.
Final Thoughts About Renovations in Tallahassee
These are just a few of the many exciting renovation and rehab projects currently underway in the marketplace. Many of these properties were purchased by local and regional investors who saw an opportunity to breathe new life in to older buildings that were well located. Not only are the properties visually more appealing from the outside, but many of the improvements and upgrades are making these buildings more energy efficient.
The results speak for themselves. Lease up activity has been on the rise with the improvements. Tenants are responding well to the new look and feel of these properties. If you are a Landlord, and own an older property, and would like to discuss more ideas of how you can enhance your building to raise your rents and attract more tenants, I’d be more than happy to talk to you about it. Just give me a call!Renovations in Tallahassee - Before and After Pics Included Click To Tweet
About Carlton Dean – Carlton has nearly 20 years of experience in the commercial real estate industry, with a special focus in the retail and multifamily sectors. Carlton is based in Tallahassee, Florida, but serves clients throughout the entire Southeastern US. Click here to view his full profile and listings, or if you would like to contact him, you can call him at 850-877-6000 ext. 101, or email him at [email protected] You can also follow him on Twitter at @CarltonDeanCRE.