The Community Redevelopment Agency, overseen by Tallahassee city commissioners and the mayor, signed off on the break.<\/p>\n
By the time the CRA sunsets in 2034, the owner is expected to see a $1.4 million total tax break.<\/p>\n
The multi-story apartment, affectionately named Icon Tallahassee, is expected to have both one-bedroom and five-bedroom layouts. Officials said the complex will also have a club room, study lounges, below-grade parking, bike and scooter storage, and a fitness and yoga studio.<\/p>\n
The contractor said Icon Tallahassee is expected to be one of the tallest buildings and will feature a rooftop deck lounge with views of Doak Campbell Stadium.<\/p>\n
More Tallahassee news:<\/p>\n
The construction group said they are \u201ccarefully\u201d establishing their construction schedule to balance pedestrian safety and efficient project development.<\/p>\n
Construction materials are expected to be delivered with good timing to ensure less congestion and safe movement of equipment, according to a release.<\/p>\n
The Hoar Construction Project Executive, Eric Brown, said there\u2019s a growing demand for student housing at major universities.<\/p>\n
\u201cIcon Tallahassee will deliver a modern, amenity-rich living environment for Florida State University students while further expanding Hoar\u2019s footprint across Florida. We\u2019re excited to collaborate with Park7 on a project that will have a lasting impact on the campus community,\u201d Brown said in a release.<\/p>\n
The project is expected to be developed at 730 Gaines Street, according to previous reporting.<\/p>\n
![\"This](\"https:\/\/www.newsbeep.com\/us-fl\/wp-content\/uploads\/2026\/04\/7YDJ23QS3JGBVJ6VTIAOPF2ZY4.jpg\")
This photo shared on the BKV Group website shows the nine-story student housing complex development and the surrounding buildings.(BKV Group)<\/p>\n
Tallahassee is facing a housing shortage, with the need for 23,000 new homes or apartments by 2050. However, local governments have generally established rules against giving tax breaks or incentives for student-specific housing.<\/p>\n
While the developer said the project is for \u201cmultifamily\u201d apartments, critics say it has the same tell-tale signs of student housing like the clubhouse and study space.<\/p>\n
\u201cIt feels like we\u2019re going against our own rules,\u201d Kelley Bailey, a DRC committee member, said at the time. \u201cI don\u2019t know how I feel about this, but I am a rule follower.\u201d<\/p>\n
CRA Executive Director Stephen Cox previously said that while the developer had been referring to the project as \u201cstudent housing,\u201d they will allow other tenants. Cox explained that the CRA had previously decided that student housing projects can \u201ctake care of themselves.\u201d<\/p>\n
When asked by DRC Commissioner Christian Caban, who also serves as a county commissioner, Erin Tilton, a lawyer representing the developer, confirmed the complex would rent to others. She did not say, though, whether residents were required to have roommates.<\/p>\n
However, Tilton previously said the project would generate $2.1 million in \u201cpublic benefit components,\u201d meaning the tax break was merely an investment by local government to get the project off the ground.<\/p>\n
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