FSU College Town Set To Open
Source: WCTV| Author: Matt Galka| Published: August 14, 2013
Tallahassee, FL – They’re still putting the final touches on new restaurant and bar Madison Social. Tallahassee’s newest dining destination is part of the College Town project. Madison Social will be the first part of the Seminole Booster’s backed complex to open on Thursday when they host a private party. College Town itself is designed to keep students from bolting after they graduate.
“We think we’re creating that Urban vibe that “cool factor” if you will that will attract a higher quality student and help retain those students once they graduate,” said Will Butler, the real estate asset manager for Seminole Boosters and College Town.
The artist renderings are pretty accurate for the residential entertainment and dining mixed use facility that both the city of Tallahassee and Leon County put $2.5 million dollars into.
The City and County’s joint Community Redevelopment Agency is hoping for a return on investment of more than four or five percent.
They estimate the property will have a taxable value of more than $15 million bucks next year. That is property tax value they didn’t have before the project started.
“The plaza behind you there is all public space, that was partially paid for by the C.R.A., the on street parking, the extended sidewalks,” said Butler.
Hooper Construction lead the construction side of the project. The company’s president, Alan Hooper, said he was impressed with the C.R.A.’s commitment.
“I’ve worked with the Ft. Lauderdale CRA, and they’ve been around since 1992, and haven’t done half as much as Tallahassee,” said Hooper.
Butler says that they have leased all 135 living spaces in the complex on Madison and Woodward street. They will have at least 50 percent of the retail portion open by the first FSU football game.