By Jared Hatcher | Managing Director, Tallahassee
Consistent with urban markets across the country, the in-town Tallahassee commercial real estate market is very active at the start of 2016. Three of the most unique real estate projects include: Magnolia Grove, the construction of the Ballard Building and a redevelopment project at The Centre of Tallahassee.
Magnolia Grove: Developed by Ponte Vedra-based developer The Ferber Company, Magnolia Grove is an exciting new nine acre retail and hospitality project completed in 2015. Located in the heart of Tallahassee at the intersection of Magnolia Drive and Park Avenue, Magnolia Grove boasts over 35,000 SF of new retail along with a Home2Suites by Hilton. Some of the retailers include Starbucks, Blaze Pizza, Smash Burger, Which Wich and Stanton Optical, just to name a few.
The Ballard Building: For the first time since 2009, a new downtown commercial office building is scheduled to break ground this spring with the delivery of 110,000 SF in office space scheduled for mid to late 2017. Mr. Brian Ballard of Ballard Partners is a well-known lobbyist whose organization will occupy two floors of the six story building. Complete with an outdoor deck on level four and a planned upscale restaurant on the ground level, the Ballard Building will overlook the chain of parks at the corner of Monroe Street and Park Avenue and will command some of the highest office rental rates in Tallahassee.
The Centre of Tallahassee: After years of decline, the Tallahassee Mall was purchased by Alabama developer Blackwater Resources and is currently undergoing a multi-million dollar renovation. Approximately 150,000 SF of the existing mall is being demolished (still leaving in excess of 600,000 SF of the existing mall) and will be replaced with an open air concert venue and urban park, plus two brick-paved crossing streets with outdoor retail shopping and a seasonal ice skating rink. In addition to retaining existing tenants Belk, AMC 20 Theaters, Barnes & Noble, Victoria’s Secret and Bath & Body Works, The Centre of Tallahassee has announced the addition of the iconic Dreamland BBQ and an Urban Food Market modeled after the famed NYC Eataly.