TALLAHASSEE, Fla. (WCTV) – Tallahassee real estate leaders are sharing how the city is developing.
Ed Murray, the president of NAI TALCOR, said Tallahassee’s commercial economy is not thriving, but not stumbling either. He also believes, popular or not, the city should lean into housing development, for students or otherwise.
“And they want to go where they can walk, where they feel safe, where they’re in new environments, and where their friends above them have gone. That’s why they’re going there. I don’t know where the market stops. There are 40,000 students at FSU, and there are probably 15,000 beds around campus,” Murray said.
One parcel that is a prime candidate sits on Gaines Street. The 908 group wants to develop what it calls a “transition zone.”
Murray says that means one-bedroom apartments that could serve either students or young professionals. The city has agreed to sell two parcels for $11 million to create housing and a hotel.
You can see the idea in this packet published by the City of Tallahassee in its agenda materials.
More Tallahassee news:
“We’ve got all the hardware you need in this. We have everything. We have great universities, great people, great infrastructure. Ours is a software problem. We’re having the inability to connect the software and make us great,” Murray said.
Murray is clear: It’s not all rosy. Outside of commercial businesses supported by students, other business sectors are staying flat or even declining.
“Job growth is flat, and we need to acknowledge that and understand that because if you’ve got a problem, the most important thing is to understand it and accept it and figure out what it is, not deny it,” Murray said.
NAI TALCOR’s 6th Annual Commercial Real Estate Market Update is taking place over at The Moon, where bankers, investors and real estate moguls will be briefed on this information.
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