More than a decade after envisioning and creating CollegeTown, a mixed-use commercial and residential district that revitalized a central corridor next to the Florida State University campus, Seminole Boosters Inc. (SBI) is looking to sell off a major portion of the development.
According to an Invitation To Negotiate (ITN), which was posted on the Seminole Boosters’ official website, the segment going on the market is 58,100 square feet of retail, restaurant and commercial space. The Boosters are not currently selling the high-end apartment buildings or other structures that are part of the area.
“For the avoidance of doubt, the Property does not include any parking garages, parking structures, parking facilities, or residential apartment units located within or serving the CollegeTown District, all of which shall remain under separate ownership and are not included as part of this offering,” the ITN states.
By executing an Invitation To Negotiate, Seminole Boosters is maintaining significant control over the sales process.
Because the property is such a vital piece of the university community, and with it being located so close to Doak Campbell Stadium, the Boosters make it clear that the property will not be simply sold to the highest bidder.
“SBI seeks to identify a purchaser that not only offers compelling economic terms, but also demonstrates the financial capacity, experience, reputation, and longterm commitment necessary to successfully own, operate, and enhance the Property,” the Invitation To Negotiate states. “SBI is particularly interested in engaging with established real estate owners and operators whose investment objectives align with the long-term success and continued vitality of CollegeTown and the Florida State University community. …
“SBI intends to evaluate proposals based on a variety of factors, including but not limited to purchase price, certainty of execution, financial capability, reputation and experience of the purchaser, ownership and operating philosophy, proposed transaction structure, timing of closing, and the overall benefit to SBI and the CollegeTown district. Selection will not be based solely upon the highest purchase price, and SBI expressly reserves the right to negotiate with one or more respondents and to select the proposal determined to be in the overall best interests of SBI.”
*ALSO SEE: Q&A with Seminole Boosters: Why part of CollegeTown is going up for sale
Florida State leaders unveiled the CollegeTown concept in 2008 with several goals: They wanted to revitalize an area that previously was filled with dilapidated buildings; they wanted to create an area for fans to congregate, eat and socialize on football game weekends; and they wanted to create additional revenue for the FSU athletics department.
Seminole Boosters Inc. is the primary fundraising arm for FSU’s 20 sports programs, providing scholarships, housing and other benefits to more than 500 student-athletes. SBI raises funds from donations, investments, ticket sales and other revenue-producing endeavors.
“Initiated around 2008 to create a true collegetown atmosphere between campus and downtown, the district officially opened its first phase in 2013 with 72 housing units and 41,000 square feet of retail space,” the ITN states. “Continuous expansions through 2020 added hundreds of student beds, modern parking structures, and diverse dining options along Madison Street and Woodward Avenue.”
According to the document, Seminole Boosters is looking to close on the sale by Dec. 31.
The Invitation was officially posted on June 30, and a number of deadlines are listed for the negotiation process. Questions from prospective buyers are due on July 17, and SBI intends to answer those questions by July 24. Proposals are due no later than 3 p.m. on Aug. 21, and negotiations are slated to begin on or about Aug. 28.
*ALSO SEE: Q&A with Seminole Boosters: Why part of CollegeTown is going up for sale
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